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Updated over 10 years ago,
Foreclosure Legal Jargon
Hi Everyone,
First time poster here. I am looking at foreclosures in my area. I recently spoke with the lawyer who is acting as committee for the foreclosing bank on a particular property. He stated that the property I am looking at is in foreclosure due to an IRS lien. He told me that generally, when you buy a property with an IRS lien, that, as the subsequent buyer of the property, I would most likely not be held liable for paying any taxes due to the federal government, but he could not "guarantee that." I would, however, be liable for any municipal taxes or fees due. I am trying to do my due diligence since I have never done this before. In the public notice of foreclosure by sale it reads:
"The property is being sold free and clear of the lien(s) being foreclosed, and of all interests subsequent in right to that lien.
The property is being sold subject to:
Can someone with experience in purchasing properties where the owner owes money to the IRS steer me in the right direction? And can someone put the legal jargon into laymen's terms for me? Any help would be greatly appreciated.