RIGHT
OF REDEMPTION
The owners, or other
parties that
had a vested interest in property that was sold through a tax sale, is
entitled to a "right of redemption". This right provides the
owner
every reasonable opportunity to reacquire the property, provided
however
that the guidelines and requirements below are followed.
- The redemption must
take place within
12 months of the date of the sale or at any time after the sale until
the
right to redeem is foreclosed.
- If the property was
"bid in" by the
county prior to July 1, 2002, the redemption price shall be the amount
paid for the property,
plus 20% of that amount for each year or fraction of a year. If
the
redemption is not made until after the after notice terminating the
right
to redeem is given, the sheriff cost of serving and advertising such
notice
shall also be added and the further sum of 20% of the amount of the bid
price.
- The
amount
required to be paid for redemption of property from any sale for
taxes as provided by state law, or the redemption price, shall with
respect to any sale made after July 1, 2002, be the amount paid for the
property at the tax sale, as shown by the recitals in the tax deed,
plus any taxes paid on the property by the purchaser after the sale for
taxes, plus any special assessments on the property, plus a premium of
20 percent of the amount for the first year or fraction of a year which
has elapsed between the date of the sale and the date on which the
redemption payment is made and 10 percent for each year or fraction of
a year thereafter. If redemption is not made until more than 30 days
after the notice provided for in Code
Section
48-4-45 has been given, there shall be added to the
redemption price the sheriff´s cost in connection with serving
the notice and the cost of publication of the notice, if any. All of
the amounts required to be paid by this Code section shall be paid in
lawful money of the United States to the purchaser at the tax sale or
to the purchaser´s successors.
- If the property was
purchased by someone
other than the government the redemption price shall be the amount paid
at the sale, plus 10% of that amount for each year or fraction of a
year,
and any taxes paid since the sale. If the redemption is not made
until after the after notice terminating the right to redeem is given,
the sheriff cost of serving and advertising such notice shall also be
added.
FORECLOSING THE RIGHT OF
REDEMPTION
Twelve months after the
date of
the sale, the purchaser can forever bar redemption of the property by
having
notice of foreclosure served as required by law.
- The notice shall be
written or printed
and shall be substantially the form as provided in the statute.
The
purchaser shall deliver the notice and the copies together with a list
of the persons to be served to the sheriff.
- The sheriff shall,
within 15 days of
receiving said notices, serve a copy of the notice to each person on
the
list.
- If the sheriff
cannot
serve the notice
it shall be published once a week for two consecutive weeks in the
newspaper
in which the sheriff's advertisements are published
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