Warning
Info
Warning
Info
Simple English definitions for legal terms
tax deed
Read a random definition: edge lease
A quick definition of tax deed:
A tax deed is a legal document that shows ownership of a property that was sold by the government to recover unpaid taxes. It is a type of deed, which is a written document that transfers ownership of land or property. A tax deed is issued when a property owner fails to pay their property taxes, and the government sells the property to recover the unpaid taxes. The tax deed shows that the government has transferred ownership of the property to the new owner.A more thorough explanation:
A tax deed is a legal document that grants ownership of a property to a government entity or individual as a result of unpaid property taxes. It is a type of deed that is issued by a government agency after a property owner fails to pay their property taxes for a certain period of time.
For example, if a property owner fails to pay their property taxes for three years, the government may issue a tax deed to transfer ownership of the property to the government entity or individual who purchased the tax deed.
Another example is if a property owner dies without heirs or a will, the government may issue a tax deed to transfer ownership of the property to the government entity or individual who purchased the tax deed.