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TAX SALES


Title Stream handles the resale of properties in Louisiana that are adjudicated through Civic Source, an online auction marketplace designed to get tax distressed properties back into the hands of the consumer. We issue title insurance policies underwritten through US National Title Insurance Company. Our policies cover any claims arising from the tax sale, as well as all claims covered by a standard title insurance policy.

what is an adjudicated property?

An adjudicated property is property which tax sale title has been acquired by a political subdivision pursuant to R.S. 47:2196. The original owner failed to pay taxes, the government was unable to sell the tax bill as a tax certificate at the annual tax sale, and the owner has subsequently failed to pay taxes the following five years.

faq

An adjudicated property is a property which tax sale title has been acquired by a political subdivision pursuant to R.S. 47:2196. The original owner failed to pay taxes, the government was unable to sell the tax bill as a tax certificate at the annual tax sale, and the owner has subsequently failed to pay taxes the following five years.

No. Prior to closing we work in conjunction with CivicSource to alleviate the title issues that arise in any closing. who clears up liens, mortgages, judgments and past taxes due on the property. The previous owners have been noticed that their taxes are delinquent and failed to capitalize on their final opportunity to redeem their past due taxes. By the time they are purchased, the legal requirements to sell adjudicated property in Louisiana have been met and you can feel confident the property you purchased was transferred legally.

No. All tax sale parties were notified pursuant to La. R.S. 47:2206 or 2236 that their rights to the property were terminated by a failure to redeem the taxes owed. This notice, referred to as post sale notice in Louisiana law, was confirmed as constitutionally sufficient by the Louisiana Supreme Court in Central Properties v. Fairway Garden Homes, LLC. Previous owners of adjudicated properties retain the same rights as any other previous owner of property, the opportunity to file a law suit to attempt to nullify the sale off the basis of an illegality in the process.

The title insurance premium is calculated just like any other title policy (filed rates with the LA department of insurance). The additional cost comes from two endorsements that affirmatively insure over the tax sale issue. The first is the tax sale endorsement. The premiums are calculated as follows:

Up to $25,000 - $1,000
$25,001 to $50,000 - $1,000 plus $15 per thousand over $25,000
$50,001 to $100,000 - $1,375 plus $5 per thousand over $50,000
$100,001 to $200,000 - $1,625 plus $3.50 per thousand over $100,000
$200,000 + 1% of the liability

The second is the ALTA 34 identified risk endorsement that costs 25% of the basic title insurance premium.

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