What is the sale of trust?
Sale of credibility is a type of market closure that is a trial system unattended. The sale of the property is solved by the administrator to whom the mortgage lender is authorized. The administrator is considered to be an impartial third party. Sales of credibility usually occur approximately four months after recording a delay notice. Trusted deeds are an agreement between the debtor, the creditor and the administrator. When debtors receive money from creditors to buy a house, they provide the legal title of real estate to the impartial administrator. To protect the interest of the creditor, the title is held by an administrator who is appointed as a recipient. If the debtor extends, the administrator may sell the property in the sale of the certificate of trust. As with court closure, sales revenues are paid by the creditor for fulfilling the outstanding debt, while the debtor received any excess funds. The administrator records a delay in the region or the municipality where the property is located. The debtor has 90 days to answer and meet the outstanding debt. AfterWhich debt will be paid by the debtor, the administrator is unable to continue with the sale.
After 90 days, the sale of credibility is planned. Sales usually occur in a region or municipality where a delay notification was submitted. Although the courts do not confirm confidence, they are carried out in the public environment. The administrator must publish the property at least 20 days before sale.
In addition to sending a notice that the property is closed, the administrator must also publish the notification of the upcoming sale of credibility in the message 30 days before. In order to meet the minimum requirements, the notification of the sale must be published in the newspaper at least once a week for three consecutive weeks.
During the sale, the property is sold in auction style format. Given the absence of court consent, there is a risk of future court dispute over the name of the property. If at any time during the proceedings of the closure of closure, the debtor in accordance with bankruptcy, the sale of documents must not.