Sub-title III: Security interests in immovable property

A third-party purchaser who is not personally liable for the debt may oppose the sale of the property if other properties mortgaged to the same debt are still in the possession of the principal debtor, and request prior discussion of the matter in accordance with the procedure laid down in Chapter I of Title I of Book IV of this Code. During this discussion, the sale of the mortgaged property…

Once summoned to pay, and without prejudice to the benefit of discussion provided for in the preceding article, the third-party purchaser may: -either pay, -or purge the property in accordance with the rules set out in the following sub-section, -or allow itself to be seized.

The third party purchaser must compensate the mortgagee for the loss resulting from any deterioration that has reduced the value of the property through his own act or fault. However, he may obtain reimbursement, by deduction from the sale price, of his expenses necessary for the conservation of the immovable and of those which have increased its value, up to the limit of the estimated increase in value on the…

If the sale price exceeds the mortgage debt, the difference is for the third-party purchaser, except for the rights of his creditors registered on the property.

After the sale, the third-party purchaser regains the real rights, in particular easements, that he had over the building before he acquired it.

The third-party purchaser who has paid the mortgage debt, or suffered the seizure of the mortgaged property, has a recourse in warranty under the conditions of ordinary law and a subrogatory recourse against the principal debtor.