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How
do I purchase property at tax sale?
Tax sales
are conducted in the Shelby County Commissioner's Chambers and are open to
anyone. On the date of the sale, anyone* wishing
to bid will need to arrive early for registration.
Registration
begins at 8:30 am and ends at 10:00 am; each tax sale begins at 10:00 am.
Bidders must be registered by 10:00 am in order to bid on property. You
will complete a bidder information form and receive a bidder card.
If you are
the highest bidder on a property, you will need to remain after the sale so
that Chancery Court can verify your bid amount. There is no deposit
required.
* Employees
or relatives of employees of the Shelby County Trustee's Office are not
eligible to bid.
What
are my responsibilities as a bidder?
Prior
to the Tax Sale: You are strongly advised to research the properties on
which you are interested in bidding. This includes, bit is not limited to,
previewing the properties and looking up the legal descriptions.
After
the Tax Sale: You must make your full
payment within 24 hours, in the form of cashier's check, money order, or
cash to the Chancery Court located at 140 Adams St, Memphis, TN 38103.
What
does the minimum bid represent?
The minimum
bid at tax sale is the total amount of city and county taxes owed, along
with any fees associated with tax sale. These fees may
include court costs, attorney fees, and
service costs.
When
do I take title to the property?
A Clerk and
Master's Deed to the property may be requested at any time AFTER the order
confirming the Sale has been entered by calling the Chancery Court Clerk and
Master's office at (901) 545-3864. Deeds must be registered in the office of
the Shelby County Register, 160 N. Main, 5th Floor, Memphis TN 38103
in order to complete the transfer of the property.
When
is the sale confirmed?
The
confirmation date is typically 30-45 days after the date of sale. The court
files a final list of property sold at tax sale.
What
are my rights after purchasing property at tax sale?
For your
rights after you take title at tax sale, consult your attorney.
What
if someone redeems the property I purchased at tax sale?
The court
will be returning your bid amount, along with 10% per annum on your bid.
(Calculated from the date of sale until the petition to redeem is filed). In
addition to this amount, the court may award reimbursement for costs of
maintaining the property during your ownership.
*
Note : We do not recommend spending money to
improve property bought at tax sale
until after the 1 year redemption period expires. Such expenditures may or may
not be reimbursed by the court. |
