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Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 92479
Experience:  Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
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Looking to buy a tax lien certificate from the original purchaser. *

Resolved Question:

Looking to buy a tax lien certificate from the original purchaser.
* Is it true that once a tax lien is on a property, it becomes the only lien and wipes out any and all others?
* What is the draw back if any with this type of transaction?
*Supposedly, they will be issuing me an assignment for the purchase buy, will continue to do all the legal notices up until it is paid back or goes to foreclosure.
* If it moves to foreclosure, they will take car of this as well for a flat fee.
Thanks for the help, Richard
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking.

In FL a Tax lien has a priority over other liens, but it does not wipe out mortgages or other liens, they just subordinate to the tax lien. This means when you take a property subject to the tax lien, you also take with the risk that the mortgage is still in place and could demand payment or foreclose by paying you the value of the lien within up to 7 years (the length of time an owner has to redeem a tax certificate on a property). See: FS 197.482 and FS 197.472).

Like any other investment you have to do due diligence on the property regarding any mortgages which are not eliminated by the tax lien. Also, you need to understand that the mortgage company can redeem the tax lien and so can the owner.



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Customer: replied 1 year ago.

Thanks Paul,
I have a follow up ?


* I was also told that regardless of the number of liens the tax lien holder is in control i.e. can start his own foreclosure process to acquire the property if the lien is not redeemed by the present owner.


* If this is the case, once you own the property are all other liens wiped out at that point?


 

Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your response.

Yes, at any point between 2 years and 7 years after acquiring the lien you can start the foreclosure according to the FL law. No, all of the other liens are not wiped out. A mortgage lien would not be wiped out and would have to be dealt with. All other liens subordinate to the mortgage would be extinguished though.
Customer: replied 1 year ago.


Thanks again, last ?


If I have the ANP number and the address; where is the best place i.e. website or sits to find out what has been recorded on that property.


?

Expert:  Law Educator, Esq. replied 1 year ago.
The only place to verify for certain is not online, but directly at the recorder of property records office.
Law Educator, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 92479
Experience: Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
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Law Educator, Esq.
Law Educator, Esq.
Attorney At Law
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Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.