One of the expenses that all holders of real estate must pay is real estate tax. These taxes are essential to operate the infrastructure of a community, including maintaining roads, operating hospitals and schools, and funding law enforcement. When the required taxes go unpaid for a certain period of time, the county conducts a tax sale – either a tax lien or tax deed – so they can get the taxes they are owed.
Tax deed sales, also referred to as tax foreclosure sales, are when the county has taken the home for back taxes and is auctioning it for an amount that will cover the back tax amount, fees, court costs, and interest charges. If you are the winning bidder in the auction, you will become the new owner and have all the rights to the property without lien, mortgage, or other encumbrances. This is not to say that there can’t be other issues with the property, so it is important to exercise due diligence when purchasing a property through tax foreclosure sales just as you would with any other real estate transaction. Our firm is unable to perform a visual inspection of tax foreclosure properties, so we cannot make any guarantees about the condition of the property.
One of the easiest ways to learn about tax foreclosure sales is working with a law firm that has been tasked with selling foreclosed homes at auction. If you are looking for tax foreclosed homes in North Carolina, we welcome you to look through our foreclosure listings here at The Kania Law Firm. We maintain online resources for information about upcoming auctions on tax foreclosure sales and can advise you on the process. Contact us today to learn more about how our 35 years of experience can assist you with your real estate, business, and estate law needs.