Nashville, TN asked in Real Estate Law and Tax Law for Tennessee

Q: I bought a property at tax sale, lien holder is asking me if I would like to buy their redemption right.This is a 1st

mortgage and the only lien.

If I pay this lien will I be able to full ownership and can take the property?

Could I ask for the overage back?

Property in in Tennessee, Hamilton county TN.

Thank you,

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1 Lawyer Answer
Anthony M. Avery
Anthony M. Avery pro label Lawyers, want to be a Justia Connect Pro too? Learn more ›
  • Tax Law Lawyer
  • Knoxville, TN
  • Licensed in Tennessee

A: It is not a lien but a right of redemption for a certain period. You could wait to see if the mortgagee exercises its right of redemption, which is paying you money. After the period, and the right is not exercised, the property is probably yours. But you need a competent attorney who will later draft an actual deed to the property for the county official to execute after the tax sales are confirmed by the Court. All you have now is a bill of sale subject to at least one redemption right. You are a long way from owning the fee.

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