- In tax deed states, the government places a lien on the property or vacant parcel for non-payment of taxes just as it would for a tax lien. The winning investor is awarded full legal ownership of the property. In most states, the delinquent taxes and other financial encumbrances are voided. In a few states, the liens are not extinguished; therefore, the winning investor is responsible for paying off any obligations due in order to get a clean title to the property. It is important to do your homework to become knowledgeable about the requirements in your state. Tax deed investors also must conduct due diligence before the tax auction to ensure that they are not bidding on an undesirable piece of property.
Read more: Differences Between Tax Liens & Tax Deeds | eHow.com http://www.ehow.com/about_5108101_differences-tax-liens-tax-deeds.html#ixzz1voAdGxIx
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