quit claim deed

If you are the winning bidder at a Tax Sale & close on the property, you will get a “quit claim” deed to the property in Albany,NY does that mean your the owner of the property?

Howdy Bigdd19:

You will be the owner except for the owners right to redeem the property. Hopefully some NY investors can help you too as I do not know how the sales work there. Here in Texas it is hard to get title insurance on tax sales even after the owners right to redeeme has passed. The deed you get either quit claim or bargain and sale or sheriffs deed provide no warranty from the seller. It was mine I think and now it is yours. Title insurance can be purchased after some time has passed and no one has showed up to claim better title. This is around a few years I have heard. A homestead owner has two years too to redeem the property but must pay 25 % additional per year.

Again these are Texas rules and will be different more than likely in NY. If no other help is forthcomming you may want to spend a few hundred for some professional advive. Also visiting the tax office and asking questions may be of benefit.