Idaho Amends Foreclosure Sale Provisions
Effective July 1, 2016 Idaho adopted requirements amending Idaho Code Section 45-1506 on the duties of the purchaser of a trust deed foreclosure sale in regards to untitled property.
Commencing the Process
Under the amendment the purchaser has a four step procedure to follow: (1) determination of occupancy; (2) storage; (3) notice; and (4) satisfaction of time requirements.
The commencement of the procedure may begin on the tenth day subsequent to the sale. Upon the tenth day the purchaser must reasonably determine whether or not the property is unoccupied. If so, the purchaser may commence the process of disposal of untitled property. The untitled property must be stored in a suitable storage and a first class mail must be sent to the last known occupant of the property. Additionally, a conspicuous notice must be posted on the premises. The date of such notice shall begin the 90 day period after which the purchaser may dispose of the untitled property.
Notice Requirements
Of particular importance are the requirements around the notice. The notice must: (1) provide contact information of the purchaser; (2) describe the property in question; and (3) explain the anticipated methods of disposal of the property. A satisfactory notice is important since it not only allows the purchaser to dispose of the property but also extinguishes any liability the purchaser may have regarding the property as well as to any potential claimants of such property.
The amendments are effective July 1, 2016. The full text may be found here.
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