A judicial sale is a legal process in which property is sold by court order to satisfy a debt or obligation. This typically occurs when a borrower defaults on a loan secured by property, such as a mortgage or tax lien. In a judicial sale, the court oversees the sale of the property to ensure that it is conducted fairly and in accordance with the law. The proceeds from the sale are used to pay off the debt or obligation, with any remaining funds returned to the property owner. Judicial sales can involve real estate, personal property, or other assets, and they provide a mechanism for creditors to collect on their debts when other means have been exhausted.
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This glossary post was last updated: 29th March 2024.
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