Buying real property – land or house – at a Sheriff’s sale or a tax sale typically means standing on the courthouse steps on the first Tuesday of the month. Sales typically take place between 10 a.m. and 4 p.m. and are posted in the location for foreclosure postings at the county courthouse (or the place designated by the county) a few weeks preceding the sale.
After the sale, whatever officer is conducting the sale will deliver the Sheriff’s Deed to the purchaser after the sale is complete.
In Texas, if the prior owner of a property which was foreclosed on because of delinquent ad valorem (real estate) taxes, they have 180 days following the dates the Sheriff’s Deed is filed for record, to redeem the property. To redeem, the prior owner must pay the amount the property was bought for at foreclosure, as well as the tax deed recording fee, all taxes, penalties, interests, and costs paid plus an additional amount. The additional amount cannot exceed twenty-five percent of the aggregate total.
If the property is designated a residence homestead, or the land is designated for agricultural use, or is a mineral interest, the prior owner has a two-year period instead of the 180 days, or six months, to redeem.
The Takeaway: If you purchase property at a Sheriff’s sale, it is always important to know the prior owner may have a right to redeem the property if the proper rules are followed and the fees are paid. The right to redeem may extend up to two years so know the rules before you purchase.
– The Business Team
Scott | Josh | Jeremy
The Allen Firm, PC
181 S. Graham Street | Stephenville, Texas 76401
Ph: 254.965.3185 | Fax: 254.965.6539
The Allen Firm, PC is composed of a team of attorneys located in Stephenville, Texas. Our mission is to improve people’s lives by providing reliable and practical help with their legal matters while operating under our values of honoring people, operating with integrity and striving for excellence. We offer help in forming businesses or companies, estate planning, lawsuits, real estate, probate, oil and gas, collections, agriculture, bankruptcy, family law, and accident and injuries.