After the gavel swings at auction am I responsible for everything at that poin on or after I actually sign a mortgage?

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After the gavel swings at auction am I responsible for everything at that poin on or after I actually sign a mortgage?

after the auction was over the auctioneer told my husband he was now responsible for the insurance and taxes from that moment on is this true? Or do we have some time to get things in order before physco truck lady burns the house down? My husband really had no business doing this.

Asked on June 29, 2009 under Real Estate Law, Massachusetts

Answers:

J.V., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

When you buy a piece of property at an auction you become legally responsible for payment from that point forward. The auction is basically the day the purchase is made and the time after to get things together does not change that from the end of the auction on you or whomever bought the property is the legal owner.

As such the owner is responsible for things such as taxes and insurance. If you feel this is a hardship you can consult with a local attorney who may be able to advise you on how to buy sometime in your area. I am not admitted in MA so unaware of any loopholes but as a general rule without any possible caveats you are responsible for such payments. Good luck and please re post with additional questions.


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