Lien Sale
| Lien Sale |
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The lien is usually a security for builders and mechanics. It is a security for the amount due for the work done and for the materials used. The idea of the lien was only the right to possess something as security for debt repayment (Samuel Louis Phillips 1878, s.3).
A sale is a contract between two entities. Thanks to this contract, a person transfers ownership of this thing to another person for money (A. Levasseur, D. Gruning 2011, s.28).
So the lien sale is the sale of receivables to make up for it off unpaid debt.
How to buy tax liens sales online
To buy a tax kit at a users auction is to participate in the online auction. Not all states sell tax kits online. However, those who run it organize it at different times of the year. Thanks to this, you can participate in any auction organized in different states without leaving your home (R. Faamatau 2015, s.15).
The first 5 states that started to have tax sales online (R. Faamatau 2015, s.15):
- Arizona,
- Colorado,
- Florida,
- Indiana,
- Maryland.
Not every country in these states has tax sales. Every state that organizes sales has its own rules for conducting auctions (R. Faamatau 2015, s.15).
Example
Arizona There are 15 counts while only 56 sells online tax sets via the internet. Sales are made there every year in February. All you have to do is reserve time for your bids and have a deposit to lick. All you need to do is register online and send the deposit a few days before the auction. The deposit ranges between $ 500 and $ 5,000. The deposit is refunded if the auction fails. In Arizona, the interest rate is 16%. The redemption period is 3 years (R. Faamatau 2015, s.15).
Act Legislative Counsel's Diges
"An act to amend Sections 3068.1, 3071, and 3072 of the Civil Code, and to amend Section 22670 of the Vehicle Code, relating to lien sales. Legistlative counsel's digest sb 824. As amended, Presley. Lien sales: vehicles 1. Existing law specifies procedures for the conduct of a sale to satisfy a lien for the costs of removal and disposition of certain vehicles. These procedures are separate for vehicles valued at $300 or less and vehicles valued over $300. This bill would raise the $300 threshold to $1500 2. Existing law requires publication of notice of a vehicular lien sale 10 to 20 days prior to conducting the lien sale. This bill would permit publication of the notice es seen aes 5 to 20 days prior to the lien sale 3. Existing law does not requirethe Department of Motor Vehicles to be notified in advance of the intent to conduct a lien sale of specified low-valued not require the department” (Legislative Counsel's Digest Act of 1983, Pub. L. No. 824).
References
- Carey C. H., Carey B. (2005), Make Money in Real Estate Tax Liens: How To Guarantee Your Return Up To 50%, John Wiley & Sons,
- Faamautau R. (2015), Simple Tax Lien Investing for 2015, Lulu Press, Inc.,
- Legislative Counsel's Digest Act of 1983 , (1983), Pub. L. No. 824,
- Levasseur A., Gruning D. (2011), Louisiana Law of Sale and Lease: A Precis, LexisNexis,
- Phillips S. L. (1874), A Treatise on the Law of Mechanics' Liens on Real and Personal Property, Little, Brown.
Author: Dominika Duda
