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Updated about 10 years ago,
help with tax lien foreclosure/redemption in New York
The property was sold at auction by city for cost of the back taxes due to the current seller, two years ago, ( a tax/forclosure guy). He says he doesn't have time for it, dumping it out of his portfolio, willing to sell it for his cut (3,500) acting as a wholesaler i guess, and for the cost of the back taxes owed the city, now at 11,000 dollars. He says it will require an Article 15 proceeding but this isn't a big deal, he does it it all the time. So I believe this is a Deed sale not a Tax Lien sale. He showed me a copy of the certificate which says he bought it for price of back taxes from city two years ago.
My attorney and title company don't seem to understand this or don't like this or don't seem inspired to want to move forward with something like this (title company says we can't really insure this without an action to clear title), I think mostly because they seem unfamiliar with it. I've ordered the title search anyway. Can someone walk me through the pitfalls of this, or maybe how something like this happens? Can I still make an offer contingent of clear title and just pay the taxes with city (if this is the only obstacle on title as he says) and then proceed to close?
Title company says this: "Being that this is a tax sale property I will most likely not be able to insure without an action to clear title. I presume you will be taking a deed from the holder of the tax sale certificate? If you could get a deed from the person who lost the property that may make it insurable also."
Does New York State do a quiet title? is that what article 15 is? Do I have to find another title company or where do I start?
Thank you