Probate And Third Use Permits
Up at a nearby tax sale is a condo. The title research reveals two people bought the condo (1991), but their daughter is the one listed for non-payment of taxes. There is no record of a deed transfer from the (allegedly) deceased owners to the daughter or anyone else. I'm thinking perhaps this is a probate issue, in which case I wonder how probate affects tax lien sales (and where I can research that). Anyone have another explanation?
Also listed as up for tax sale is a "third use permit" for the condo sold to the couple a few years back (for $70k, from a company whose name corresponds with that of the development). Anyone know what this is?
I don't think that I'll mess with this property, because I'm just getting into tax liens and will start with a property I understand more completely, but it is interesting, especially since the comps are $385k-575k. Vacationers...
Kimberly
Pulled the actual property description of what i termed a "third use permit":
Property Address: USE PERIOD III UNIT 368/370 THE VILLAGE CLUB AT JACKSON GORE, LUDLOW, VT
Maybe this will illuminate.
They purchased it 8 years after the condo itself.
Kimberly
I'd suggest you spend some time talking to the tax collector to find out what kind of title you'd get if you bought this tax lien.
They'll know what they've got and the VT law on it.