Non-real Estate Liens
I am looking at a couple of properties in my area that are up for auction. The question I have concerns what happens if the current owner owes non-real estate taxes such as income taxes. Would these types of liens follow the property or are they a separate issue? Has anyone here gone through this and can advise me of what should be done?
jawisa--(MO)---------------------
In my opinion you have given too little information to be able to answer your question.
What type of auction? If the owner is selling through an auctioneer or real estate broker, are they offering the property with "marketable title?" If not, what are they offering?
Good Investing***********Ron Starr*************
This is for a delinquent tax auction.
jawisa--(MO)------------------
In most states, the tax sale will remove from the property encumberances on the property. However, every state has different laws related to the collection of delinquent property taxes.
I suggest you study the law in MO now, so you will know what is happening. You will likely to check with the agency doing the sale as to whether they have notified all the encumberancers on the property of the tax sale coming up. And you should yourself have checked the records to know what people have liens, loans, judgments, easements, and so on against the property, so you can be sure that all were notified of the sale.
Good Investing*************Ron Starr***********