2023 Colorado Revised Statutes › Title 38 - PROPERTY - REAL AND PERSONAL (§§ 38-1-101 — 38-53-110) › REAL PROPERTY (§§ 38-30-101 — 38-46-104) › MORTGAGES AND TRUST DEEDS (§§ 38-37-100.5 — 38-40-106) › Article 38 - FORECLOSURE SALES (§§ 38-38-100.3 — 38-38-901) › Part 5 - ISSUANCE OF PUBLIC TRUSTEE'S DEED, SHERIFF'S DEED, AND THE NATURE OF TITLE (§§ 38-38-501 — 38-38-506) › Section 38-38-501 - [Effective 8/7/2024] Title vests upon expiration of redemption periods - confirmation deed - definition

(1)
Upon the expiration of all redemption periods allowed to all lienors entitled to redeem under part 3 of this article or, if there are no redemption periods, upon the close of the officer's business day eight business days after the sale, title to the property sold shall vest in the holder of the certificate of purchase or in the holder of the last certificate of redemption in the case of redemption. Subject to the right to cure and the right to redeem provisions of section
38-38-506
and subject to the provisions of section
38-41-212 (2)
, such title shall be free and clear of all liens and encumbrances junior to the lien foreclosed. No earlier than ten business days nor later than fifteen business days after both the title vests and the officer has received all statutory fees and costs, the officer shall execute and record a confirmation deed pursuant to section
38-38-502
or
38-38-503
to the holder of the certificate of purchase or, in the case of redemption, to the holder of the last certificate of redemption confirming the transfer of title to the property; except that the officer shall execute and record a confirmation deed prior to the tenth business day after title vests, if the officer has received all statutory fees and costs and notice from the appropriate holder that the certificate will not be assigned. But under no circumstances shall the officer be required to issue a confirmation deed unless the officer has received an order authorizing the sale that meets the requirements of section
38-38-105 (2)(a)
. Failure of the officer to execute and record such deed or to record the deed within the time specified shall not affect the validity of the deed or the vesting of title.
(2)
Notwithstanding any provision of law to the contrary, an officer may not include an assignee as a grantee in a confirmation deed, unless:
(a)
The officer has received a copy of the assignment executed in accordance with section
38-38-403
within ten business days after title vests; and
(b)
The assignment was dated, signed, and notarized or recorded prior to the time title vests.
(3)
As used in this section, "redemption periods" means the periods of time during which a person may redeem property, as described in section 38-38-302 (4); except that the redemption period is thirty days if the property is a unit in a common interest community; the lien being foreclosed is held by an association, as defined in 38-33.3-103 (3); and a lienor does not file a notice with the officer of the lienor's intent to redeem.
Amended by 2024 Ch. 422,§ 8, eff. 8/7/2024, app. to debts accrued on or after 8/7/2024.
L. 90: Entire article R&RE, p. 1669, § 2, effective October 1. L. 2006: Entire section amended, p. 1474, § 28, effective 1/1/2008. L. 2007: Entire section amended, p. 1844, § 21, effective 1/1/2008. L. 2009: Entire section amended, (HB 09 -1207), ch. 164, p. 720, § 17, effective 1/1/2010. L. 2012: Entire section amended, (SB 12-030), ch. 96, p. 324, § 12, effective September 1.
(1) This section is similar to former § 38-39-110, 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.)
2024 Ch. 422, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
This section is set out more than once due to postponed, multiple, or conflicting amendments.