There is a burden (operating the property) that comes with rents that also must be assumed which is why to some legal extent, possession must be granted either full or constructive.

I have a fairly dumb question. When a house has been foreclosed and it say's,

"The lender has taken ownership of this property through a foreclosure auction for the amount of .." and the original loan on the ...

You will take possession of the property.

Hi, no, an assumption requires a purchase by the party assuming a loan, this is not a loan assumption, per se, it's the right of a guarantor to take possession of the collateral assigned under an obligation to the lender.

The Seller does not "loan" equity to the Buyer since a loan implies that something will be given back and the idea of possession per the post does not fit in that idea.

Understand that someone successfully claiming adverse possession will become the owner of that portion of the land.

Todd, it would be a good idea to have them give you a written notice of their intent to move and specify what date they will turn possession back over to you.

Then I'd hold her to clean up fees if any under the lease and when possession is given, I'd play it by ear, give her the money back and send her on her way feeling she got by lucky with your good graces.

Honestly I already have lined up a realtor to rent it for me, and also a crew to go in and redo the kitchen.In my lease expiration notice I mentioned he does NOT need to pay last month's rent, and I still have his security deposit and would send it to his new address after deducting damages if any, and scheduled a walk through inspection on the last day 6pm and that I expect the place to be cleaned, free of debris and trash and personal possession blah blah blah.Then suddenly this month I got a check on the 10th, when I didn't expect it, with late fee already included.

But on a county property search, the bank actually took possession the end of September 2013!