The ABCs of Tax Deed Sales

2008-01-14 11:39:59

( Legal )



Tax deed sales are imposed sales on real estate properties carried out by a government agency for non payment of taxes. Tax deed sales are one of two ways government is able to collect unpaid and overdue real estate taxes.

All property owners are required to pay real estate tax to the government. If a property owner neglects or is unable to pay the required taxes on his house or land or any piece of real estate property, local authorities will put the property up for tax deeds sales. Proceeds from these tax deed sales will help recover the lost tax income.

Tax deed sales are held throughout the country at low rates. Properties at tax deed sales normally sell at prices just enough to cover the delinquent tax amount,interest charges, fees and court expenses. And because real estate taxes make up a small percentage of market value, tax deed sales allow you to acquire full rights of the property at only a fraction of the actual market price.

According to law, tax deed sales are to be announced to the public in a local newspaper once a week for four consecutive weeks before the scheduled tax deed sales. At tax deed sales proceedings, a court clerk reads the notice of sale and presents the properties reflected in the announced notice for sale. Tax deed sales are then awarded to the highest bidders for cold cash. The winner becomes the new owner of a real estate property and gets all rights to the property free from any liens, mortgages,deeds of trust or other arrears.

When planning to purchase through tax deed sales, it is important that you carefully research beforehand and view firsthand the property in order to eliminate risks. To know the schedules for tax deed sales, check the local area newspaper or contact the office of the local county where you want to purchase a tax deed.

For more information, you can research websites with listings of properties under tax deed sales. You may also check out deed poll, web poll, deed pole or deed of assignment.


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