Buying Foreclosed properties ?
Firstly and very important to read the Proclamation of Sale (for both charged (titled) and untitled properties). This is a document that governs your rights as a purchaser and most likely contained a clause that read the property is sold as it is (including tenants or whoever if any). So, it is the potential purchaser’s responsibility to evict the tenants who may have the right to be on the premises/property by virtual of any lease agreement between the defaulted borrower and the Bank. The prudent buyer will want to check the property (day/night) to ensure it is vacant as the costs to recover/evict is considerable as well as time consuming.
