Fighting For The Excess Proceeds Of A Tax Sale
After losing your home or any other real property to a tax sale, the resulting sale proceeds can exceed the amount of property taxes the government sought to collect. Often, this is a large sum of money that you have the right to ask the court to give you as the previous property owner. Your best chance at a successful claim is to retain experienced legal counsel. The real estate attorneys of Crislip Philip, can help you file your claim and represent you in court.
Though the overage may be held for several years after your property was sold at auction, it is up to you to take the steps necessary to claim it. Your first step is to contact Crislip Philip. We will prepare the paperwork for you and make sure it is filed with the court properly. The amount you recoup may be substantial, and help you pay for new housing.
What Is The Claim Process?
In Tennessee, if there are excess proceeds following your property’s sale at auction, you may file a Motion to Claim Excess Proceeds to claim it. You are responsible for any associated court costs, and you must serve copies of the motion to all interested parties.
Understanding Key Deadlines
After the sale, it is important to keep in mind important deadlines. One of these is the redemption period. This is the timeframe during which you can reclaim your property after such a sale. It typically lasts one year after the sale, though there are some exceptions to this.
However, it is important to note that the window for filing an excess proceeds motion does not close with the end of the redemption period. Rather, you generally have a year after this. Even following that, you still may be able to file a claim if the proceeds have not yet been transferred to the state.
Our real estate attorneys can help you understand the specific deadlines applicable to your case and help you with filing a motion in a timely manner.
The Excess Proceeds Hearing
Once it receives your motion, the court will schedule a hearing before the chancellor. During the hearing, you will present your case for receiving the excess proceeds and the chancellor decides if your claim is valid. If the chancellor rules you have a right to the excess proceeds, they will issue an order allowing you to claim the coverage. Given how impactful the hearing can be, properly preparing for it is critical. Our firm can assist you with such preparations and stand up for your best interests at the hearing.
Start The Claims Process With A Phone Call
Your property may be lost to a tax dispute, but excess proceeds from the sale can help you move forward. Navigating the complexities of an excess proceeds claim can be challenging. Having trusted legal guidance is critical. This is the case both for direct property owners and those claiming as an heir, representative of a business or trustee. Our knowledgeable lawyers are ready to protect your rights and help ensure your claim is managed with the close attention to detail it deserves. Call 901-201-5078 to schedule an appointment at our Memphis office.