2 Rules of the Right of Redemption in Georgia

If you have lost your home to foreclosure due to failure to pay property taxes, the most pressing question you probably have is, “Can I get my house back?”

If you live in Georgia, to answer that question you need to understand a little bit about the right of redemption, because in Georgia, there is no statutory right of reinstatement. Reinstatement comes before a foreclosure. Redemption comes after.

In today’s post, we will touch on 2 rules governing the right of redemption in Georgia real estate law.

Right of Redemption

1. How Long the Right of Redemption Lasts

With regard to foreclosure tax sales, the right of redemption essentially means that you have the right to pay off the total debt, including the principal balance, along with certain additional costs and interest, in order to reclaim your property.

One of the first things you must know with regard to the right of redemption, is how long after the foreclosure sale you have to redeem. In Georgia, you have 12 months after the tax sale to reimburse the purchaser for the amount he paid at the tax sale (in addition to other costs) and reclaim your home.

In order for the purchaser at the tax sale to gain clear title to your home, he must wait 12 months after the sale and then foreclose on your right of redemption. He does this by giving you written notice that your right will expire on a certain date. You can redeem your home up to the expiration date in that notice. Generally this means you have about 30 days after the written notice to exercise your right to redeem.

2.  Reconveyance of Title

Only an owner, creditor or other person with an interest in the property has the right to redeem the property after the tax foreclosure sale. As noted above, the law gives an owner, creditor or other person with an interest in the property about 1 year or so to redeem the property.

Property is redeemed by paying the tax deed holder all monies due as prescribed by law. What that full amount is depends on a number of things, including whether the property is purchased by a government entity or an individual.

After all amounts have been properly paid to the purchaser at the tax sale, the purchaser will issue a quitclaim deed to the owner of the property, releasing it from tax deed.

Redemption of the property puts title conveyed by the tax sale back in the property owner, subject to all liens that existed at the time of the tax sale.

There are a number of other specific and particular requirements that must be met in order for you to properly redeem your home, so before you do anything you should consult with experienced real estate counsel. The above are the very basic requirements.

The Real Estate Advocate You Need

At the Law Offices of Mark Weinstein, put our experience to work for you. If you have a real estate issue, our experienced real estate attorneys can give you the legal advice you need. Contact us or call us at 770-888-7707 to schedule your phone consultation.