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Condo Tax Deed Sales May Be On The RiseCondo tax deed sales may be on the rise along with the other types of properties. It's no wonder that property owners aren't able to pay their property taxes. The rising cost of taxes and insurance have many owners in a financial quandry. It's no wonder properties are up for grabs at potential savings to those who are willing to take chances at a tax deed sale. I have experienced the property tax escalation first hand as my property taxes more than tripled in a three year period. I'd like to happily report that for the 2007 tax year, my taxes have actually dropped by $800.00!!! What Is A Condo Tax Deed Sale? A condo tax deed sale is the sale of a condo at public auction for back taxes and fees associated with bringing the property to sale. If a certificate is not redeemed within two years from the date the taxes became delinquent, the CERTIFICATE HOLDER may apply for a tax deed and bring the condo or other property to sale at a public auction.
How Do I purchase A Tax Deed Condo or other Property At A Tax Deed Sale? Properties are sold at public auction at the court house of each individual county. It is held after notice is published in the newspaper. Anyone may bid on the property at the condo tax deed sale. It is sold to the highest bidder. The total amount of bid, plus recording fees must be received by the Clerk, usually within 24 hours after the sale. Payment must be made by cash, cashier’s check or money order only.
Is The Owner Of The Property Sent A notice That The Property Is Being Sold? Yes. Florida Statute 197.522 requires the Clerk of the Circuit Court to send a notice to the owner of record and any lienholder of record. 1. The owner is sent a Warning Notice which contains the date and time of the sale, by certified mail. 2. If the owner resides in the State of Florida,the sheriff of the county where the owner resides attempts service of a Warning Notice on the owner. 3. A notice of Application for Tax Deed, which states the date and time of the sale and the amount to redeem the condo or other type property is mailed along with each Warning Notice. 4. The Notice of Application is published once each week for four consecutive weeks at weekly intervals in a newspaper selected as provided in s.197.402. No tax deed sale shall be held until thirty days after the first publication of the notice. What Happens If I Am The High Bidder? Once all fees have been paid, a Tax Deed is issued and recorded in the name you request for the condo or other type of property on which you were the high bidder. According to Florida Statute 197.562, “Any person,firm, corporation, or county that is the grantee of any tax deed under this law shall be entitled to the immediate possession of the condo, land, home or other type property described in the deed.” Can A Tax Deed Sale Be Stopped? Yes. According to Florida Statute 197.422, "tax deed property may be redeemed anytime prior to the recording of the tax deed if all back taxes and fees are paid to the Tax Collector". So, it is recommended that you record your deed as soon as you possibly can.
Do Liens Survive The Issuance Of A Tax Deed? You may want to consult an ATTORNEY. Florida Statute 197.552 provides, in part "except as specifically provided in this chapter, no right, interest, restriction, or other convenant shall survive the issuance of a tax deed, except that a lien of record held by a municipal or county government unit, when such lien is not satisfied as of the disbursement of proceeds of sale under the provisions of s.197.582, shall survive the issuance of a tax deed". Another Risk Occasionally, successful bidders at these sales acquire tax deeds to condominiums and other valuable properties worth far more than the taxes owed against them. But some of these fortunate purchasers may be in for a rude surprise if the notice of sale failed to actually reach the former owners of the property. Definately, buyer beware. This subject is a good one to discuss with an attorney.
Now That I Have A Tax Deed on a condo, What Should I Do Next? There may be additional activities that are necessary in order to obtain marketable title. This question cannot be answered by the Tax Collectors Office. You may want to contact an ATTORNEY for further information. Conclusion The information I have provided is an overview of the condo tax deed sale process and yet another way to purchase a condominium. It can be risky. You should study the process indebth prior to purchasing a condo or other property at a tax deed sale.
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