Do you Understand What Outstanding Rates and Taxes On Sheriff Sales In Execution Immovable Property Auctions Mean?

If you’ve always wanted to participate in Sheriff Sale In Execution Immovable Property Online Auctions but often fail to understand what the outstanding rates and taxes on immovable property are, you’re in luck! 

Here are the ins and outs of outstanding rates and taxes on sheriff sales in execution and what you, the buyer should be aware of:

  1. The judge of the court is responsible for setting the reserve price of the property that is proposed to be sold on auction. 
  2.  Before a reserve price is set, the court takes 70% of the property’s sale value and subtracts any outstanding rates and taxes, after this process is completed, a reserve price is then set. 
  3. Sheriffs are responsible for taking account of any improvements made or that need to be made of the immovable property being auctioned, however, the latter does not stipulate that outstanding rates and taxes be disclosed prior to the auction of the immovable property. 

Read more here.

The Online Auctions Team

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