Proceeds Of Foreclosure Sale..
can someone explain to me section 1354 of the Real property actions and proceedings law...(NY)...
my understanding is that the referee (should there be a 3rd party successfull bidder) once receiving the proceeds from the sale must pay in accordance with their priority according to law, the taxes, assesments, sewer, rents or water rates which are or may become liens on the premises at the time of sale with such interest or penalties which may have accrued thereon to the date of payment.....
there was a foreclosure auction that was conducted whereby the referee read prior to the sale "the terms of sale " in which it was stated that the property was being sold subject to unpaid taxes. based on my understanding of (section 1354 of the real property actions and procedings law )that clause cannot be legally binding....and that referee must pay any taxes that were lien.. any thoughts would be appreciated...
property located in NY....
anyone out there?
Since you'[re getting no handy volunteers who claim any knowledge of NY foreclosure law, I'd suggest, (if it's financially important to you), that you hire a lawyer to brief it for you.
If a practicing lawyer is too pricey for you, see about some 3d year law student, who'd be capable and likely a lot more eager to work for a few hundred bucks.
Call your closest law school and ask the receptionist for the Law Review Advisor...that will probably be a faculty member who enjoys working with law students, and who'd sure know which LR member could & would like this job.
The LR only includes the best law students so that narrows the field a lot.
I've used such LR staffers in the past when I had an appellate brief to write and needed someone to do the necessary research into law & decisions...and generally found the law students do a great and thorough job in their research....for not a lot of dollars.
Good luck.