Commissioner's Deed Law and Legal Definition
When property owners default on their mortgage, the mortgage company files a foreclosure action against them. The case will be referred to the Commissioner for sale of the property. A sale date is set and notice of the sale is published in a local newspaper. After the sale is held a report of sale is filed and an Order Confirming Sale is then entered. A Commissioner's Deed is executed and recorded in the real property records where the real property is located.
The commissioner issues a deed to the purchaser upon receipt of the entire amount according to the terms of the sale. Commissioner’s deeds are evidence of the legality and regularity of the sale of the lands conveyed.
The following is an example of a statute discussing the appointment of commissioners by the court:
21-6-412. Commissioners to sell property.
(a) (1) Commissioners appointed to make sales of real property under judicial decrees shall be allowed the following fees as compensation for such services: ***
(2) Commissioners appointed to make sales of personal property under judicial decrees shall be allowed as compensation for such services the fee prescribed by the judge of the court that issued the decree.
(b) In lieu of the fees provided for in this section, the court may set reasonable fees for commissioners based upon services rendered on sales under thirty-five thousand dollars ($35,000).
