I’m currently working with 4 different banks on offers for homes. Two of the homes are owned by the bank through foreclosure and the other two are subject to a short sale. Well, today I learned a new term: Proceedings Subsequent. In this case, the bank acquired a property through foreclosure however the Registrar of Titles is still showing the home owner who had the bank loan as the “fee simple” owner of the property. So in this case the bank has to file a motion with the court and have a hearing to determine the validity of the foreclosure and assign title to the bank, this is called a Proceedings Subsequent.
Well, normally this is all done well before we get to closing however in this case the bank waited till two weeks before closing to get title work ordered, which means I got to learn a new term and my buyers and I got to worry about whether we would close on time or not.