When houses are sold, new owners take possession. The old owner usually moves out and the new owner moves in, unless there is a tenant renter in the property. Ownership title and funds exchange. Escrow closes, the new owner is given the keys and that's about it!
The earth stops spinning and the world comes to an end.
when a house is sold, a new buyer owns it.
when a home is foreclosed the bank is taking it back and the bank in essence is a new buyer and owns it.
Harold Sharpe - Broker
So Cal Homes
California Department of Real Estate Broker License # 01312992