Trustee's deed

The deed a trustee gives the winning bidder after a trustee's foreclosure sale.

A trustee's deed transfers a property from a foreclosure sale to the winning bidder. In California it's called a trustee's deed upon sale. In Texas, where a substitute trustee usually runs the sale, it's often titled a substitute trustee's deed.

The deed is recorded with the county, and it's one of the most useful records in a foreclosure: it shows the sale actually happened, and it names the buyer. If the lender won with a credit bid, the new owner is the lender or its investor, and the property is now REO.

In California, a sale counts as complete as of 8 a.m. on the sale day if the trustee's deed is recorded within 21 days. When an eligible bidder has sent a notice of intent under the 2924m rules for a one-to-four-unit home, that window is 60 days. How California foreclosure works

After a California trustee's sale there's no right to buy the property back, and the lender can't sue the borrower for a deficiency. In Texas, the lender can sue for a deficiency within two years of the sale. How Texas foreclosure works

Florida foreclosures go through court, so there's no trustee's deed. The equivalent there is the clerk's certificate of title.

All glossary terms

General information, not legal advice. For your own situation, talk to a lawyer.