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LSDefine
Simple English definitions for legal terms
tax certificate
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A quick definition of tax certificate:
A tax certificate is a paper that proves someone bought a property at a tax sale. It allows the buyer to get a tax deed and take possession of the property after a certain amount of time. If the property owner pays the taxes owed, the tax certificate becomes invalid. A deed is a written document that shows who owns a piece of land or property. There are many different types of deeds, like a gift deed, mortgage deed, or warranty deed. Each type of deed has different rules and conditions.A more thorough explanation:
A tax certificate is a legal document issued to the buyer of a property at a tax sale. It certifies the sale and gives the buyer the right to a tax deed and possession of the property after the redemption period expires. If the property is redeemed, the tax certificate becomes void.
For example, if John buys a property at a tax sale and receives a tax certificate, he has the right to a tax deed and possession of the property after the redemption period ends. However, if the previous owner pays the taxes and redeems the property, the tax certificate becomes void, and John loses his right to the property.