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No.25

Question

If a mortgagee is the successful buyer of a property and has the
right to offset the purchase price, can the mortgagee collect a title
transfer document before the distribution account is completed by the
enforcement officer?
Answer

In this case, the mortgagee will receive the title transfer document only
after the enforcement officer has completed the “Offset of Purchase Price
Report”. This means the amount of money that the mortgagee is entitled
to is deducted from the purchase price. In the case that no additional
payment is required, the mortgagee can collect the title transfer document.
But if additional payment is required, the mortgagee must place the additional
amount within the time period prescribed by the enforcement officer, and
will then be able to collect the title transfer document before completion
of the “Offset of Purchase Price Report”.

144 Interesting facts about enforcement of civil case judgment Interesting facts about enforcement of civil case judgment 145