Hello, Bigger Pockets Community.
I have a question regarding quieting title with a tax-sale deed with less than 100% ownership.
A few years ago, a friend, and yes this a friend and not a "friend", purchase a property at a Louisiana tax-sale. For some odd reason, he placed a bid on the property at 95% interest and won.
Years later, he needs to quiet title, but he is concerned about the remaining 5% interest in the property (fine time to worry, right?). He would like to fix up and move in the property, which is vacant by the way, but his concern is the owners could do "stuff" to the property. He made an offer to buyout the remaining 5% from the owners, but there has been no response.
So if he files a quiet title suit and wins, he would have ownership of 95% interest in the property. But, how can he get the remaining 5% of the property? File another quite title suit?
Thank you for taking the time to read my post. I really appreciate it.
He needs to speak with an attorney that knows how to deal with this. Try David Birdsong at Gulf South Title.
How do you purchase a 95% fractional interest on an asset that is being sold to liquidate 100% of a super-priority lien position? What am I missing?
He would have to pay the worth of the 5% to owner in the course of the quiet title action