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In NY tax auction is property purchased w/o guarantee of title

 
WiseOwl58's Avatar
  • Answered by:WiseOwl58
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Customer Question

In NY tax auction is property purchased w/o guarantee of title and subject to any non-mortgagor liens

 

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State/Country relating to question: New York

Submitted: 383 days and 15 hours ago.
Category: Real Estate Law
Value: $25
Status: CLOSED

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Expert:  WiseOwl58 replied 383 days and 14 hours ago.

That is correct. Unless you purchase title insurance, which is hard to do in a tax auction, you are not getting a guarantee of title. And it is true that the liens run with the land, so you would "inherit" any non-mortgagor liens. Therefore, it is essential that you do careful due diligence before purchasing anything at a tax auction or else you could end up with much less value than you thought you were acquiring.

Good luck to you. Please press the green ACCEPT button. Thanks.

Expert TypeLawyer
Category: Real Estate Law
Pos. Feedback: 96.2 %
Accepts: 912
Answered: 4/17/2012

Experience: Experienced real estate lawyer and real estate broker.

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