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Simple English definitions for legal terms
tax title
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A quick definition of tax title:
Tax title refers to the legal ownership of a property that has been acquired through a tax sale. This means that the property was sold by the government to recover unpaid taxes. The tax title holder has the right to possess and use the property, but the title may not be clear or marketable due to potential legal issues or claims by other parties. It is important to conduct a thorough title search before purchasing a property with a tax title to avoid any future complications.A more thorough explanation:
Definition: Tax title refers to a legal document that proves ownership of a property purchased at a tax sale. It is a type of title that is acquired when a property owner fails to pay their property taxes, and the government sells the property to recover the unpaid taxes.
Example: John owns a property but fails to pay his property taxes for several years. The government then sells the property at a tax sale to recover the unpaid taxes. The buyer of the property at the tax sale receives a tax title, which proves their ownership of the property.
Explanation: In this example, John's failure to pay his property taxes led to the government selling his property at a tax sale. The buyer of the property at the tax sale receives a tax title, which proves their ownership of the property. This type of title is different from other types of titles, such as a clear title or marketable title, which are acquired through a traditional sale or transfer of property.