Monday, September 10, 2012
Section 262 of R A 7160
SEC. 262. Final Deed to Purchaser. - In case the owner or person having legal interest therein fails to redeem the delinquent property as provided herein, the local treasurer shall execute a deed conveying to the purchaser said property, free from lien of the delinquent tax, interest due thereon and expenses of sale. The deed shall briefly state the proceedings upon which the validity of the sale rests.
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This is a conveyance of the property from the Local Government Unit, thru the Treasurer, will convey tothe highest bidder the property in whose real property taxes had not been paid by the owner. Under this situation, the property owner failed to excercise his option to redeem his property within the time frame allowed by law.
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