A sheriff’s deed is a deed that transfers or conveys title (ownership rights) in property purchased at a sheriff’s sale. A sheriff’s sale is typically ordered by a court after a person or entity fails to pay a court judgment against them (a judgment debtor) or when the property is the subject of a mortgage foreclosure.

Laws vary from state to state, but a debtor whose property is the subject of a mortgage foreclosure that was sold at a sheriff’s sale may have the right to redeem the property or the right to redemption of the property—paying the amount due and keeping the property—until confirmation of the sale is signed by the judge and filed by the court. This redemption period is usually defined by state statute and may be referred to as a statutory redemption period.

The lender (bank) that is foreclosing on the mortgage is often the high bidder that purchases the property at a sheriff’s sale. If another party is the high bidder at the sheriff’s sale, the lender (bank) may be able to get a deficiency judgment against the debtor (borrower or mortgagor) if the sale amount isn’t enough to pay the balance of the debt—depending on the state’s law.

In North Carolina, a sheriff's deed is a legal document that transfers ownership of property sold at a sheriff's sale, which is typically the result of a court-ordered sale due to a failure to pay a court judgment or as a consequence of mortgage foreclosure. North Carolina does not provide a statutory right of redemption for the debtor once a foreclosure sale is complete. This means that once the foreclosure sale has occurred and is confirmed by the court, the former homeowner does not have the right to reclaim the property by paying the debt. Regarding deficiency judgments, if the proceeds from the sheriff's sale are insufficient to cover the mortgage debt, North Carolina allows lenders to seek a deficiency judgment against the borrower for the remaining amount owed, subject to certain limitations and conditions. It is important for individuals involved in such proceedings to consult with an attorney to understand their rights and obligations under North Carolina law.