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Ask Barrister Your Own Question
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 33757
Experience:  15 years real estate, Realtor. Landlord 26 years
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I need to know the best way to buy a house that another

Customer Question

Hi. I need to know the best way to buy a house that another company has purchased tax lien certificates....we are still in the redemption period and I have made a deal with the original owner to pay the liens and give an additional amount. not sure of the best way to do this
Submitted: 5 months ago.
Category: Real Estate Law
Expert:  Barrister replied 5 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

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Have you entered into a written contract with the homeowner to assign you their redemption rights for a certain amount?

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thanks

Barrister

Customer: replied 5 months ago.
Hi Barrister...I have not....I was trying to determine the easiest, cleanest way to do it...they are ready to enter into a real estate sales contract...is there any way you can call me? (###) ###-####
Customer: replied 5 months ago.
In this case, the seller owes approx. 7k for back taxes. The tax liens have been purchased by an out of town company that buys these all over st. Louis. The seller has agreed to sell me the house for 36K ( which includes money to pay the 7K). When the deal is complete, the seller will net approx. 29K. My dilemma is, the liens need to be redeemed, so the purchaser of the tax lien can be removed from the deed, so the title company will issue title insurance in my name.....
Expert:  Barrister replied 5 months ago.

I am sorry but I do not participate in the phone call program for the site and limit my interaction with customers only to the website. I like to have time to think about a customer’s question and research it so I can provide the best answer possible.

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However, if you wish to have a phone call with an attorney, you can post a request for "additional services" and your request will post to other experts that do offer this service. When another attorney accepts your request you will get additional instructions.

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But you can address this by just drawing up a contract that states he is assigning his redemption rights to you and will assist in redeeming the property in return for the payment of $xxxxxx including the cost of redemption paid to the tax certificate owner.

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I would also have a quitclaim deed prepared from the owner over to you transferring whatever interest he has in the property to you.

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Both parties sign and date the contract, notarize if you want to, and then you have a binding contract. He signs the deed and has it notarized and you then record it. Then he has to contact the certificate holder and request a payoff amount good until a certain date...maybe 2 weeks. Then you make sure that the money is paid to redeem the property and the owner gets paid the balance once the tax lien is formally released.

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thanks

Barrister