Colorado § 38-38-401 - Certificate of purchase - issuance.

§ 38-38-401. Certificate of purchase - issuance.

(1) No later than five business days after the sale, the officer shall execute and record in each county where the property or a portion thereof is located a certificate of purchase containing:

(a) The names of the original grantors of the deed of trust being foreclosed;

(a.5) The description of the property;

(b) The sum paid for the property;

(c) The name and address of the purchaser;

(d) A statement that the purchaser or assignee of the certificate of purchase shall be entitled to a confirmation deed at the expiration of all redemption periods provided under part 3 of this article unless a redemption is made;

(e) The deficiency under the evidence of debt, if any, as a result of the successful bid at sale;

(f) The public trustee's sale number or, in the case of a sale by the sheriff, the district court civil action number;

(g) The date of sale;

(h) An attached exhibit containing a copy of the executed order authorizing the sale that bears the public trustee sale number or civil docket number in the case of a judicial foreclosure; and

(i) An attached exhibit containing a copy of the mailing list and all amended mailing lists bearing the public trustee sale number or civil docket number in the case of a judicial foreclosure.

(2) The officer shall retain the recorded certificate of purchase in the officer's records.

(3) The failure of the officer to comply with the provisions of this section shall not affect the validity of the sale or the vesting of title in the name of the holder of the certificate of purchase or certificate of redemption.

Source: L. 90: Entire article R&RE, p. 1668, § 2, effective October 1. L. 2006: Entire section amended, p. 1472, § 24, effective January 1, 2008. L. 2007: (1)(h) and (1)(i) added, p.1843, § 18, effective January 1, 2008. L. 2009: (1)(a) and (1)(i) amended and (1)(a.5) added, (HB 09-1207), ch. 164, p. 719, § 15, effective January 1, 2010.

Editor's note: (1) This section is similar to former § 38-39-115, as it existed prior to 1990.

(2) The effective date for amendments made to this section by chapter 305, Session Laws of Colorado 2006, was changed from July 1, 2007, to January 1, 2008, by section 27 of chapter 404, Session Laws of Colorado 2007. (See L. 2007, p. 1849.)

ANNOTATION

Law reviews. For article, "Foreclosure by Sale by Public Trustee of Deeds of Trust in Colorado", see 14 Dicta 5 (1936). For article, "Foreclosure by Sale by Public Trustee of Deeds of Trust in Colorado", see 28 Dicta 437 (1951). For article, "Statutory Redemption in Colorado", see 30 Dicta 79 (1953). For comment, "The Effect of Certified Realty on Mortgage Foreclosure in Colorado", see 52 U. Colo. L. Rev. 301 (1981).

Purchaser only takes title described in certificate of purchase. The purchaser at a trustee's sale who accepts a certificate of purchase reciting that it is subject to another deed of trust, takes only the title described in the certificate, notwithstanding the trustee's deed based thereon shows a clear title. Bray v. Trower, 87 Colo. 240, 286 P. 275 (1930) (decided under § 38-39-115 as it existed prior to the 1990 repeal and reenactment of this article and article 39).