Legal Question in Real Estate Law in New York

Re: Real estate propert y tax

I AGREE WITH RANDY - THAT BY BUYING THE TAX SALE CERTIFICATE, WHICH WILL EARN INTEREST WHILE YOU HOLD IT, PROTECTED BY A PARAMOUNT LIEN ON THE PROPERTY, YOU GET THE RIGHT TO FORECLOSE ONLY. BY FORECLOSING, YOU GET THE RIGHT TO SELL THE PROPERTY, AT A PUBLIC SALE, WHICH IF YOU ARE THE ONLY BIDDER GETS YOU OWNERSHIP. AT WORST, YOU HAVE MADE INTEREST ON YOUR MONEY, AT A FAIRLY HIGH RATE OF RETURN. AT BEST, YOU GET TO BUY THE PROPERTY FOR YOUR COST OF PURCHASING THE TAX LIEN AND SOME FORECLOSURE COSTS.

Re: Real estate propert y tax

Unfortunately, you cannot acquire title to property that easily. By simply paying the back taxes, you would only be doing a favor for the current owner.

You should contact the local tax assessor to determine at what point the back taxes will be going to a tax sale. If you are the highest bidder, you will be able to purchase the tax lien certificate and possibly foreclose on the property.