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The structure of the transaction will depend upon the status of the tax liens. If they are already being foreclosed upon (in other words, the tax liens are generally 2 or more years old and a lis pendens has already been filed) then NJ law requires an additional step before the deal can be done. The 2007 NJ Supreme Court case Simon v. Cronecker defines the requirements and they are not dificult, but you'll likely need an attorney for it that has practiced in this area. It may cost you some attorney fees and a little time, but the transaction will be legal once the procedure is followed. The downside is that if you do not fulfill the requirements and skip the step required by law, then the Court will likely impose a "constructive trust" and strip any profit you earned and award it to the tax lien holder. You'll just be left with attorney fees, costs and a massive headache, without any profit to show. Title will be stripped and awarded to the other party. Sounds harsh -- but that's the law right now. Drop me a line about it, or call me, and I'll explain further what the procedure requires and try to point you in the right direction. Anthony L Velasquez Esq.
Gianna Cariffe said:
Im interested in a vacant home on a nice block but from the county records it looks like the home tax liens on it. has anyone done an assignment deal on a property with tax liens? let me know what you think.