Full question:
We are thinkings about buying a house that is going to be up for tax sale but we heard that the owner has 1 year to make good on the back taxes if the person pays the bidder the amount the bidder has paid on the house and the taxes is this right?
- Category: Real Property
- Subcategory: Foreclosure
- Date:
- State: Indiana
Answer:
In Indiana, the right of redemption is addressed in the state's redemption statute (I.C. § 32-29-7-7). This law states that an owner or part owner can redeem their property before a sheriff's sale by paying the judgment amount, interest, and costs. If they do so, the sale cannot proceed, and the judgment will be satisfied.
However, once the property is sold at a foreclosure sale, the owner's right to redeem it is terminated immediately. If a part owner redeems the property, they can place a lien on the shares of the other owners for their portion of the redemption costs, which includes interest and expenses. This lien is enforceable through legal proceedings.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.