When a property is purchased and possession is granted, is the property owned outright? What happens to any existing mortgages?
The new owner of a tax sale property does not assume the mortgage if one exists. If a listed property has an existing mortgage it is treated as follows: the tax office sends at least two notices to the lender concerned; if the lender has not responded by the time of sale the property goes to the new owner and the mortgage is dismissed. 10. Can a non resident summit a tender to purchase ? Yes a non-resident can summit a tender to purchase.
Related Questions
- What is the advantage in replacing my existing property with a "like-kind" property, and what happens if I can find such a property?
- When a property is purchased and possession is granted, is the property owned outright? What happens to any existing mortgages?
- What happens to liens (mortgages, etc.) that are owed against the property?
