Chapter 24 - § 24.8 • CERTIFICATE OF PURCHASE

• Jurisdiction: Colorado

§ 24.8 • CERTIFICATE OF PURCHASE

§ 24.8.1—Issuance of Certificate of Purchase

No later than five business days after the sale, the officer must execute and record in each county where the property or a portion thereof is located a certificate of purchase containing:³⁸⁰

• The names of the original grantors of the deed of trust being foreclosed;
• The description of the property;
• The sum paid for the property;
• The name and address of the purchaser;
• 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 unless a redemption is made;
• The deficiency under the evidence of debt, if any, as a result of the successful bid at sale;
• The public trustee's sale number or, in the case of a sale by the sheriff, the district court civil action number;
• The date of sale;
• An attached exhibit containing a copy of the executed rider authorizing the sale that bears the public trustee sale number or civil docket number in the case of a judicial foreclosure; and
• 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.

The officer must retain the recorded certificate of purchase in the officer's records.³⁸¹ The failure of the officer to comply with the foregoing does not affect the validity of the sale or the vesting of title in the name of the holder of the certificate or purchase or certificate of redemption.³⁸²

A certificate of purchase or a certified copy thereof is prima facie evidence of all statements or recitals contained therein.³⁸³

Upon the issuance of the certificate of purchase, the debtor retains only the right to remain in possession until title vests in the holder of the certificate of purchase or the holder of the last certificate of redemption and, formerly, the right to redeem from the sale,³⁸⁴ and the status previously existing of debtor and creditor ceases.³⁸⁵

The lien represented by a certificate of purchase has the same priority as the deed of trust or other lien foreclosed.³⁸⁶ The holder of a certificate of purchase acquires no title to the property,³⁸⁷ but acquires only the alternate rights to receive redemption money, in case of a redemption, or a deed for the land after the time for redemption has expired.³⁸⁸ Nevertheless, the issuance of a certificate of purchase is a "transfer" avoidable in bankruptcy...