Appellate Division overruled foreclosure tax law

[Moises Ulloa]

Hi All! 

I’m in the process of closing on a property in NJ which is being sold by another investor who got it through a tax lien foreclosure. During the process I recently learned that the title company working on my case is having a hard time insuring the title deed due to the new ruling which overturns the current foreclosure tax law leaving open the opportunity for the tax lien decision to be legally voided even after a year.  

Has anyone had experience with this kind of situation? My concern is being able to close on the property with only 3 months of title insurance coverage (thats what title agency is offering) and after flipping the property not being able to secure a buyer due to the title insurance requirement by the lender not being met due to title companies not insuring properties obtained through tax liens. 

 anyone with experience or recommendations! 

read more on the new ruling:  https://www.law.com/njlawjournal/2023/12/07/appellate-divisi...