This means the title transfers to you but the mortgage stays in the seller's name until you pay it off.2.

It is scheduled to close at the end of month and title company is still getting the condo transfer doc ready.

Is there any significance to this transfer (mortgage and a foreclosure)?

@Eli M.What do you mean "transfer"?

If they were transferred due to the military, I am not sure the legal basis of a claim against them or not.

You cannot hold the bank responsible for you using the wrong wiring instructions, but I feel the banks should have some responsibility for allowing huge wire transfers to go overseas after immediately hitting the account.

The agreement is that the tenant would sign a lease I provide with the current owner, to be transferred to me at closing.

Oral month to month contracts are perfectly valid, and transfer along with the property. in fact, this is nearly an ideal situation since month to month contracts give you more control of the property, especially with inherited tenants who we assume were not properly screened when placed.

what strategies do you have to mitigate/avoid/transfer/share said risk?). 

In some state that would avoid the tax reassesment, the transfer doc and stamps and the deed.