questions on property tax sales?
March 9th, 2010 | by admin |Please bear in mind that i live in the state of Connecticut(CT).
As i understand it, in CT. one can purchase a home for the value of the taxes owed on a particular property.
i.e. Bob owes 10,000 in taxes on a home. In CT. the municipality that the property is located gives Bob time to pay that back tax that he owes. When his time is up, the municipality auctions his property at a tax sale, where the starting bid reflects the taxes owed. If someone should bid and win, then that person must wait 6 months before that bidder can claim the home as his via a sheriff’s deed. the 6 months is the period of redemption that bob has of which takes place after the home has had its taxes paid for by an outside party.
My question is, Do liens transfer with title as they do with a regular sale of a home, or in the case of tax sales, liens do not transfer with title?
Is there anything that i should be looking out for besides liens, if there be liens?
In a tax sale you buy it lock stock barrel and anything else. Simply yes leins transfer. You need to have a title company do a search and also it would be a good idea for you to purchase owners title insurance. The search should uncover anything assessed to the house.pp
One Response to “questions on property tax sales?”
By ttpawpaw on Mar 9, 2010 | Reply
In a tax sale you buy it lock stock barrel and anything else. Simply yes leins transfer. You need to have a title company do a search and also it would be a good idea for you to purchase owners title insurance. The search should uncover anything assessed to the house.pp
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