Entry Confirming Sheriff's Sale and Ordering Distribution of Proceeds (Foreclosures) (Ohio)
About this template
This legal template pertains to a specific legal process called "Entry Confirming Sheriff's Sale and Ordering Distribution of Proceeds" within the context of foreclosure proceedings in the state of Ohio under United States law.
Foreclosure is a legal process that occurs when a borrower defaults on their mortgage loan, resulting in the lender initiating proceedings to sell the property in order to recover the outstanding debt. In Ohio, once a property has been sold through a public auction known as a sheriff's sale, this template would be relevant to confirm and validate the sale as well as order the distribution of the proceeds.
The "Entry Confirming Sheriff's Sale" section of the template would typically provide details of the foreclosed property, the specific date and time of the sheriff's sale, the winning bidder's information, and other relevant details that confirm the legitimacy of the sale. This entry formally recognizes and validates the sale of the property as it transfers ownership to the winning bidder.
The second part of the template, "Ordering Distribution of Proceeds," would address the distribution of the funds obtained from the sale of the foreclosed property. This section would outline the priority of distribution, which generally starts by covering the costs associated with the foreclosure process (e.g., legal fees, court costs, advertising expenses), followed by satisfying any outstanding mortgages or liens on the property. The remaining proceeds are then distributed to various parties, such as the borrower and any subordinate lienholders, in pre-determined order of priority or as determined by the court.
In summary, this legal template serves as a crucial document to officially confirm the completion of a sheriff's sale in a foreclosure proceeding in Ohio. It provides legal recognition to the sale and establishes the order and method by which the proceeds from the sale are to be distributed among parties involved.