Legal Definitions - certificate of sale

Definition: A certificate of sale, also known as a certificate of purchase, is a legal document that reflects a successful bid for a property at a judicial sale. If the land is not redeemed or if the sale is confirmed by court order, the bidder receives a property deed.

Example: John attended a foreclosure auction and successfully bid on a property. He received a certificate of sale, which indicated that he was the highest bidder and had the right to purchase the property. If the property owner does not redeem the property within a certain period of time, John will receive a property deed.

Explanation: This example illustrates how a certificate of sale works in a foreclosure auction. John's successful bid resulted in him receiving a certificate of sale, which gives him the right to purchase the property if the owner does not redeem it. This document is important because it proves that John has the legal right to the property if the sale is confirmed by court order.