If I purchase property at an auction and later become dissatisfied with the property, can I cancel my bid and get a refund of the deposit or purchase price?
Once the sale is confirmed by the Court, you become the legal owner of the property and the funds paid are not redeemable. If prior to confirmation of sale, you become dissatisfied with the property, you will not be entitled to a refund of your deposit. In such cases, the second highest bidder may be contacted and the property may be sold for the second highest bid, or the property may be resold at a second auction, subject to the Court’s discretion. In such an event, in addition to losing your deposit, you may be responsible for any costs and fees incurred to sell the property for a second time and any deficiency in the amount achieved at sale.
What type of deed do I receive following confirmation of the sale?
A Special Commissioner’s Deed, a type of special warranty deed, will be recorded at the local Circuit Court Clerk’s Office. You are responsible for any recordation fee. A copy of the recorded deed will be mailed to you.
What is a Special Warranty Deed?
A special warranty deed is a deed without the standard general warranties that are typically given. The only warranty provided with this type of deed is that the judicial process was followed as required by law and that the Special Commissioner has the appropriate authority to transfer title to the property.
Will I be able to get title insurance on a property I purchase at an auction?
TACS cannot guarantee that title insurance will be available, since underwriting practices vary from one company to the next with regards to tax sale property. If the availability of title insurance is of paramount importance to you, you are urged to explore the matter further with a title company prior to bidding.