Estate Planning Attorneys & Real Estate
Zachary Katkin – one of our co-founders forged his early career working for a local Naples Estate Planning attorney. Mentored by the partners at the law firm including one of the “father’s of the Greater Naples area” – he developed a passion for the law and for the intricacies of estate planning matters, particularly as it pertained to real estate and property.
Many years later, Cobia works both with our clients to navigate these same property and real estate waters – but from a different perspective – the actual market. That’s why we’ve partnered with many Estate Planning attorneys and lawyers throughout the Naples & Fort Myers (Southwest Florida region) in order to both provide our existing clients a resource when it comes to the legal matters of dealing with their estate including their property and real estate concerns. But also as a partner to these firms, helping them understand what’s happening in the market and provide options to their clients who may be looking for opportunities in real estate or liquidate any existing holdings.
Are You An Existing Estate Planning Attorney or Lawyer?
Cobia Holdings, at it’s core is a real estate investment company. We are completely private and locally owned. We operate (currently) in one of 3 capacities: Wholesale Real Estate | Direct Property Investment for Fixing & Liquidating | Direct Property Investment for Cash Flow (hold on to properties and rent out to generate income). How does this pertain to estate planning attorneys and estate planning lawyers throughout Southwest Floirda?
Cobia Holdings works with existing Estate Planning Attorneys & Lawyers (or Estate Planning Law Firms) in the following ways:
TAX CERTIFICATE SALE
Background
You must pay your real estate tax on or before April 1 (due date).
After April 1 but before June 1, you can pay off your taxes in full with a 3% penalty.
On June 1 of each year, the delinquent tax bill is auctioned off to an investor through a tax certificate sale.
Homeowners are not at risk of losing their property at this point. The winning bidder for the tax certificate must hold the note for a minimum of 2 years before filing for tax deed sale. The homeowner can pay off the taxes at any point before.
How the sale works
A tax certificate is an enforceable first lien against the property for unpaid real estate taxes. The sale allows investors to purchase certificates by paying the tax debt. The sale is conducted in a reverse auction style with participants bidding downward on interest rates starting at 18%. The certificate is awarded to the bidder who will pay the taxes, interest, and costs and accepts the lowest rate of interest. If there are no bidders, the certificate is issued to the County at 18% annual interest. Tax certificates last for seven years, but the winning bidder can apply for tax deed sale after 2 years.
Paying taxes after the certificate sale
The property owner can redeem the auctioned certificate at any time before the tax deed sale by paying the Tax Collector the delinquent taxes plus accrued interest, advertising costs, and fees. After payment is received, the certificate holder is reimbursed the cost of the certificate plus interest, and the lien against the property is removed.
If, after 2 years, the taxes remain unpaid, the certificate holder may file a tax deed application with the Tax Collector and request that the property be sold at a public auction by the Clerk of the Court. This is known as a Tax Deed Sale.
TAX DEED SALE
After a tax deed application has been filed
After the tax deed application has been filed, it takes about 3 – 6 months for a property to go to auction. At any time in the process, the property owner can stop the tax deed auction by paying all taxes due, plus interest and fees. Once the tax deed auction has started, however, interest begins accruing at 18% annually, starting the month after application until the owner pays the taxes and fees or the auction occurs.
Important points
- Tax certificates last for seven years, as long as no other administrative or legal proceedings exist. After the two-year window described above, a certificate holder may file a tax deed application at any time before the certificate expires.
- Before a tax deed application has been filed, the delinquent property owner can pay taxes one year at a time to avoid any tax deed application. Once tax deed application has been submitted, all outstanding taxes are rolled into one amount plus any accrued interest, costs and charges. This amount must be paid by cash, certified funds or wire transfer.
A tax deed has started on my property. Can I stop it by making payments?
My property is in tax deed, and I just filed for bankruptcy, what do I need to do?
Contact the Tax Collectors office immediately.
My property is in tax deed. What is the latest date I can pay to stop the sale from taking place?
To stop the sale, payment can be made in full any time before the sale.
