What are government tax sales?

Question

WHATS THE DIFFERENCE FROM A LEEN AND A DEED? DO I OWN THE PROPERTY NO MATTER WHAT JUST FOR 500 BUCKS? OR WHATS THE WHOLE STORY?

Answer 1

A lien is a claim against the proceeds when and IF the property is sold. A deed is a legal document representing ownership in the property. More details are needed to know what you actually bought or are considering buying. Contact whoever is selling the lien or deed and ask them. If you don't understand their answer, you should not be buying.

My guess is that you DON'T become the owner for $500, but stranger things happen when the government is involved.

Answer 2

If someone does not pay their real estate tax, the government seizes the property and auctions it. If you bid $500 at the auction, you will own the property if, and only if, no one else bids more. If no one does, that may be because the property is worth less than nothing, meaning that it requires a large amount of repair, toxic waste removal, or other expensive work, that exceeds its value, and for which you (as the new owner) will have to pay.

Answer 3

A lein on aproperty means it's been used to borrow cash usually and is being used for security. If you sell you must notify the lender and your solicitor pays the lender first (you have no control over that) and gives you the balance.

It will be register and if you attempt to sell without informing the lender the sale simply wont go through.

OR do you mean a lease.if you have a lease then when it finishes you have squat unless it states otherwise on your contract.

The Title Deed is the legal paper stating you are the owner.

Answer 4

Sales tax is purchase tax in reverse. Once upon a time Americans ie immigrants from all over, purchased everything and taxed the sellers.