Relating to rights of tenants in foreclosed property; and declaring an emergency.
Catchline/Summary:
Provides that purchaser is entitled to possession of property sold at trustee's sale subject to interests of person in possession of property under interest created voluntarily by grantor or successor to grantor. Provides that purchaser is entitled to possession of property sold at trustee's sale subject to interests of person in possession of property under interest created voluntarily by grantor or successor to grantor.
Requires purchaser of foreclosed property to give additional notice to tenants living on property when purchaser intends to take possession of property. Creates different notice procedures for different types of tenancy. Modifies information to be included in notice. Creates other procedures related to taking possession of property.
Allows tenant who receives actual notice of foreclosure to apply security deposit or prepaid rent to pay rent obligation.
Declares emergency, effective on] 60 days after passage.
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SB 952
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