Process After The Purchase @ A Tax Deed Sale?
When purchasing at a tax deed sale, it is my understanding that I obtain ownership of the property. Am I then responsible for any other liens? How does the title become free and clear?
When purchasing at a tax deed sale, it is my understanding that I obtain ownership of the property. Am I then responsible for any other liens? How does the title become free and clear?
danray6376------------
Every state has different statutes related to the collection of delinquent property taxes.
In most states, but not all, the tax sales do wipe off all or most of the liens and other encumberances against the properties. Not true in NM and ME, as I understand it, where mortgages survive. So you need to check the state law for the state in which you propose to invest.
And some state have a right of redemption after the tax sale, I believe. Again, read the state laws you know how it works where you plan to invest.
Good Investing*********Ron Starr*************