Tax Deed Vs. Warrenty Deed
Hello:
I live in the state of Georgia and I bought some land at a tax sale. I am getting ready to start the right to redeem process but someone told me that even if the org. owner does not pay, you still would not be able to build or sell property because you will not have the warrenty deed title insurance. .
This person also told me that if someone wanted to buy the land or the house that I built and they go through a lender, the lender will require that I have this deed. Can someone clarify this? Or how hard would it be the get title insurance or a warrenty deed?
My first question would be did you follow all listed below:
NOTICE OF FORECLOSURE OF RIGHT TO REDEEM
After 12 months from the date of the tax sale, the purchaser at the tax sale should terminate or foreclose on the owner’s right to redeem the property. This is done by causing a notice, or notices of the foreclosure, to be served to the owner of record, the occupant, if any, and to all interest holders that appear on the public record. SUCH NOTICE CANNOT BE SERVED UNTIL AFTER THE END OF THE 12-MONTH PERIOD. The purchaser must write an original notice in accordance with a form shown herein and provide a copy for each person to be served. The purchaser is to deliver these, together with a list of persons to be served, to the sheriff of the county in which the land is located. The purchaser must deliver the information no less than 45 days before the date set in the notice for termination of the right of redemption.
Within 15 days, the sheriff must serve a copy of the notice upon all persons on the list residing in the county and make an entry of such service on the original notice. Leaving a copy of the notice at the residence of any person required to be served is sufficient service. If the sheriff makes an entry that he has been unable to serve the notice on any person, the purchaser must immediately have it published in the official county newspaper once a week for two consecutive weeks. This constitutes service. The Right of Redemption Notice should be recorded in the Clerk of Superior Court’s office.
If redemption is not made until after the required notice has been given, then the cost of serving the notice or notices, the cost of publishing the notice and the further sum of 20% of the amount paid for the property at the sale to cover the cost of making the necessary examinations to determine the persons upon whom notice should be served, shall be added to the redemption price. (OCGA 48-4-42, 48-4-45, and 48-4-46)
AFTER THE RIGHT OF REDEMPTION IS FORECLOSED
After foreclosing the right of redemption, we recommend that the purchaser seek legal advice regarding the petition to Quit Title In Land, pursuant to (OCGA 23-3-60).
Under the action, the petitioner (Tax Deed Purchaser) makes a request to the court to take jurisdiction over the matter. The court then appoints a Special Master (third party) to examine the petition and exhibits and to determine who is entitled to notice. The petitioner will then ask the court to issue a decree establishing his/her title in the land against “all the world” and that all “clouds to petitioner’s title to the land be removed” and that “said decree be recorded as provided by law”.
RIPENING OF THE TAX DEED TITLE BY PRESCRIPTION
The term prescription refers to a process, whereby over a period of time, a tax deed becomes a fee simple title.
A title under a tax deed properly executed at a valid and legal sale prior to July 1, 1989 will ripen by prescription after a period of seven years from the date of execution of that deed.
A title under a tax deed executed on or after July 1, 1989 will ripen by prescription after a period of four years.
Notice of foreclosure of the right to redeem is not required in order for the title to ripen by prescription.
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Wow!!
Thanks for all of that info. It looks like I'm going to need a Lawyer after the redemption process.
Thanks