§ 4533a - Procedure after sale; nonjudicial foreclosure - Vermont Statutes

§ 4533a. Procedure after sale; nonjudicial foreclosure

(a) In the case of a nonjudicial foreclosure sale subject to the provisions of section 4531a(b) of this title, the person selling pursuant to the power shall, within 90 days after the sale, cause the foreclosure deed, a copy of the notice of the sale, and their affidavit setting forth fully and particularly their acts in the premises to be recorded in the land records of the town where the property is situated and shall include on the affidavit's own knowledge, setting forth facts showing that no person in interest is in the military service as defined in Article I of the "Soldiers' and Sailors' Relief Act" of 1940, as amended; and such affidavit or a duly certified copy of the record thereof shall be evidence on the questions whether the power of sale was duly executed.

(b) Failure to record the deed and affidavit within the statutory period required by this subsection shall render the sale void and of no effect if there are liens or other encumbrances of record intervening between the day of the sale and the time of recording of said deed and affidavit.

(c) Title to the foreclosed premises under this section shall not pass to the purchaser until the time of the recording of the deed and affidavit. Upon such recording, title to the premises shall pass to the purchaser free and clear of all interests and encumbrances which do not have priority over such mortgage. In the event that the purchaser shall not pay the balance of the purchase price according to the terms of the sale, and at the option of the mortgagee, the down payment, if any, shall be forfeited and the foreclosure sale shall be void. (Added 1993, No. 179 (Adj. Sess.), § 4.)