Tax, SDIRAs & Cost Segregation
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 6 years ago,
Unclear title to property I have a contract on
I have an offer on a house which was accepted and due to close next week. Today the law office emailed me to let me know that because the current seller acquired the property in a tax sale there is a "tax deed" on the property. It goes on to say that I cannot get title insurance on this type of deed because there is no "quiet title action" or "quit claim deed" from the defaulting taxpayer. So does that mean the defaulting taxpayer (or their next of kin) can come along later and try to assert their "rights". Also, they stated this situation with the title would make it hard to sell the property to someone using a lender (which was the plan at some point once I fixed it up). Have any of you ever had this situation? Is there ever a situation where you say so what let's go for it? Or should I jump ship while I can? I'm wondering if the defaulting taxpayer can be found and who would I get to find them?