Outstanding Tax Certificate
Hi all,
After getting title work done on a pre-foreclosing property that I am interested in, it shows an outstanding Tax Certificate in the amount of around $8600. The thing is is that the date on this Tax Certificate is BEFORE the date when the current owner bought the house. Is this something that still has to be paid back if and when I buy this house in pre-foreclosure? Or does it go away after a certain period of time? I am a bit clueless on this one. Thanks in advance for your input!
Ed
If it has not been cleared then most likely you will inherit this financial obligation
[addsig]
Marley,
It is most likely that the tax certificate has already been redeemed. Your title company should be able to track that down and get it handled. If it has not, then there is a problem with the previous closing, and the homeowner has a title insurance claim because he did not receive clear title when he purchased. Did you short sale this one?
Hey all,
Thanks for the responses. This is actually a property that has already been foreclosed upon. I am just trying to redeem it with the current foreclosed upon owner while giving them a little cash to walk. The tax certificate was on the title before the current owner boutht the place in '99 but never took care of it. My attorney says the Tax Certificate is my obligation if I redeem the property. Short Sale was not an option in this case. Thanks again!
Ed,
That sounds like an unusual position for an attorney to take. I don't know NJ law, but you may want to check with another attorney just to be sure.