Closing on an auctioned property

[AllyCat]

Anyone know what happens when one buys a property (real estate) at auction? On the auction date, is the high bidder the owner as of that moment or is there usually some lag time where paperwork, closing, etc. has to be done and the current owner still holds it until that time?

I ask because I board my horse at a facility that will be auctioned on the 17th, but they are trying to charge me a full month's fees for June. I don't want to pay past the 17th, but the current owner is trying to stick everyone who doesn't pay the full month with a "lien on said horse without process of law" to cover unpaid balances. Could he then auction the horse too if he has a lien?

I need to move the horse fast, but cannot get around the 30 day advance notice of termination rule at this point.

Thanks to all you real estate and legal types.

[radwriter0555]

1. Does your contract say that the sale of the property nullifies your lease?

Your lease should remain in good standing, which means give your 30 day notice, pay the board and move the horse by the end of the month.