If you are interested in purchasing tax delinquent property in Arkansas, there are several steps you need to follow in order to successfully acquire the property and navigate the legal process.
What is tax delinquent property?
Tax delinquent property refers to properties where the owner has failed to pay property taxes for a certain period of time. In Arkansas, if the property taxes remain unpaid for an extended period, the county tax collector may auction off the property to recover the taxes owed.
How can I find tax delinquent properties in Arkansas?
There are several ways to find tax delinquent properties in Arkansas:
- Check with the county tax collector’s office for a list of tax delinquent properties
- Search online databases that specialize in tax delinquent properties
- Sign up for tax sale notifications from counties in Arkansas
What is the process for buying tax delinquent property in Arkansas?
- Research the property you are interested in and conduct due diligence
- Attend the tax sale auction and bid on the property
- If you are the winning bidder, pay the bid amount and any additional fees
- Obtain a tax deed from the county tax collector’s office
Can I inspect the property before purchasing?
It is important to note that in Arkansas, you may not be able to inspect the property before purchasing it at a tax sale auction. It is recommended to do as much research as possible and be prepared for any potential issues with the property.
What are the risks associated with buying tax delinquent property in Arkansas?
There are several risks associated with buying tax delinquent property in Arkansas, including:
- Hidden liens or back taxes that may become your responsibility
- Unknown property condition or legal issues
- Difficulties in evicting current occupants
How long does the redemption period last in Arkansas?
In Arkansas, the redemption period for tax delinquent properties is typically one year from the date of the tax sale auction. During this time, the previous owner has the opportunity to pay the delinquent taxes and reclaim the property.
What happens if the property is not redeemed during the redemption period?
If the property is not redeemed by the previous owner during the redemption period, you as the new owner will be able to take possession of the property and begin the process of obtaining clear title.
Is it recommended to seek legal advice when buying tax delinquent property in Arkansas?
Due to the complexities and risks involved in purchasing tax delinquent property in Arkansas, it is highly recommended to seek the advice of a real estate attorney who can guide you through the process and ensure that you are making a sound investment.
In conclusion, buying tax delinquent property in Arkansas can be a lucrative investment opportunity, but it is important to thoroughly research the property, understand the legal process, and be prepared for any potential risks. By following the necessary steps and seeking the advice of professionals, you can successfully acquire tax delinquent property in Arkansas.