What financial obligation does property Tax ... - Cool Great Stuff

words_that_live_on is completely incorrect, and obviously has not ever bought a tax lien.

You have no financial obligation whatsoever on this piece of property. You have now become a lienholder on the property. What this means is that if the current owner of the property wants to transfer ownership (sell) or refinance the property, he/she must pay you off, along with any other lienholders, first.

Nice thing is, if the owner does not pay you off, and the next years taxes are not paid either, you have first dibs on them. If this happens for 3 years, you can petition with the county to own the property. There are a few forms to fill out, some fees to pay, and some time to wait. Also, the lender can go ahead and pay you off so they don?t lose their investment.

Don?t expect this to happen, though, as it?s a pretty long shot to complete this ? maybe one in a thousand.

Source: http://finance.coolgreatstuff.com/what-financial-obligation-does-property-tax-lien-investors-have-during-the-1-year-redemption-period

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