Policy And Procedures And Bid Form - Tom Green County printable pdf download

Trustee Property Resale Policy

& Purchase Procedure

FORECLOSURE PROPERTY

“Tax Foreclosure Properties” are properties with a Judgment to foreclose on the tax lien, order by a Tom

Green County District Court.

“Bank or Mortgage Foreclosure” are properties with a Judgment to foreclose on a mortgage lien.

TAX TRUSTEE PROPERTY

Tax Trustee Property is property that did not sell at a Tax Foreclosure/Sheriff’s Sale ordered by Court with

Judgment to foreclose the tax lien. Plaintiff Party (taxing unit that filed suit) receives property to hold on

behalf of itself and other taxing units. Tax Trustee Property is referred to as “struck-off” property and is

listed by the Appraisal District in the entity’s name as “TAX TRUSTEE” i.e. Tom Green County, Trustee

Tom Green County uses ‘private sale’ the most common method for sale of Tax Trustee Property per Section

34.05 (h) and/or (i) of the Texas Tax Code.

Private Sale: Interested person submits an offer “in-writing” to the Tax Trustee to purchase property. The

Tax Trustee may accept or reject the offer. If the offer is accepted, it must:

1. Be enough to satisfy the taxes and associated cost for court and sale owed with the

judgment, or;

2. When the offer is less than # 1, all taxing units involved with the property must approve the sale.

Taxing units on a subject property will be those listed on the Appraisal District record, commonly

known as a “Schedule A.”

3. If all the properties taxing units do NOT agree to the sale, the offer is rejected.

4. If all taxing units approve, a “Deed Without Warranty” is prepared.

Notice

Property is sold subject to all easements and subdivision restrictions. Buyer is responsible for determining

the liabilities that exist on a property by familiarizing himself with the property location, availability of

water, liens, restrictions, etc.

Property is sold “As Is” subject to ALL easements, blanket easements, right-of-ways, covenants, and

conditions, subdivision restrictions, water rights to Grantor, and all other restrictions or conditions, including

physical conditions.

Warranties

Tom Green County does not make any Warranties or Guarantees, expressed or otherwise.

Tax Resale Deed

Once the final sale is approved a Deed Without Warranty will be issued.

Return of Offer

The full amount of the offer will be retained until all taxing entities involved with the property have

approved/disallowed the sale of the property. If the offer is NOT accepted, by any one of the properties

taxing entities, the full amount of the offer will be returned to potential buyer.

Acceptance/Rejection

Tom Green County expressly reserves the right to accept and/or reject any offer. Final approval and

acceptance rests with the Tom Green County Commissioners’ Court.

Timeline

Due to the potential number of taxing units from whom approval must be obtained the time from offer

to receipt of the Deed Without Warranty can take up to four (4) months.

Policy And Procedures And Bid Form - Tom Green County