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Understanding Tax Deed

Tax Deed

Owning a home or real estate will usually require that the owner pay some sort of taxes, such as home owner's tax or property taxes. Failure to pay these kinds of taxes can surely bring upon some difficulties for the owner. The government will take measures in order recover the amount of money that is to be owed in terms of taxes, which results in a tax sale.

A tax sale is a forced sale of the property or real estate that is implemented by the government in attempts to recover the non-payment of taxes. There are two types of tax sales which are the tax lien sale and the tax deed sale. Tax deed sales are usually the most common of the two.

A tax deed sale occurs when to government will sell the property or estate for which back taxes are owed in order to regain the back taxes. The government, however, must abide by certain legal standards which are implemented in order to give the owner of the property the opportunity to pay back the unpaid taxes. This will entail proper notice to the owner, as well as legal action taken in the courts.

If the owner fails to pay the taxes owed on the property, they may decide to sell the property themselves or legally transfer the rights to the property to another individual or party. However, a tax deed sale can end in the government putting up the property for auction. For real estate investors, tax deed sales can prove to be a great opportunity to acquire real estate at low prices and sale them for a profit.

NEXT: What You Must Know on Deeds

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