OKC Sheriff Sale Rental Property in Receivership

[Leslie Boeshart]

What happens when a rental property going through foreclosure in OKC Sheriff Sale is assigned a receiver to intercept rents? As the winning bidder / new owner I have to honor the lease as per OKC. However few questions if the property is not under management:

- What happens to the tenant's deposit? As the new owner do I have to honor the lease with no deposit? Or does the tenant have to fund the deposit again?
- A receiver is assigned to intercept rents for the bank. Is the month of the auction a loss rent month as me the new owner? The winning bidder only receives a certificate of sale, and will not receive the Sheriff deeds until a confirmation hearing, which is at least 20 days out. Does this mean rent will be prorated on the day of the sale or based on the confirmation hearing?
- Can you get insurance on the property with just the certificate of sale? Or are you not the owner until the Sheriff deed?