Repository Properties
hi my question is if i purchased a repository prop (land) in pa. what are the steps i can take to resale the property .i know about the IRS liens but what i dont understand is that i recieve a rep deed and a title company wont insure against it i? i would like to learn how i can clean this up and what fees will i expect,also besides irs liens what other liens should i be aware of also if there is no irs liens will this be free and clear of all liens
Repository properties are normally free and clear of any judgments but are sold under a
Buyers beware. No guarantees or warranties clause! You do receive a tax claim deed, not clear title to the property. Most title insurance companies will not insure the property without a quit claim deed or an action to quiet title.
When I say normally I mean all counties do not provide a clear title. If there are any encumbrances on the property you will have to clear them.
Title companies are not best in working with repository properties and this is where a good real estate attorney comes in handy.
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