Upon failure of the defaulting taxpayer, any grantee from the owner, or any mortgage or judgment creditor, to redeem realty within the time period allowed for redemption, the Finance Director shall within thirty (30) days or as soon thereafter as possible make a tax title to the purchaser or the purchaser's assignee. Delivery of the tax title to the clerk of court is considered putting the purchaser (or assignee) in possession. The tax title shall include, among other things, the name of the defaulting taxpayer, the date of the execution, the date the realty was posted and by whom, and the date each certified notice was mailed to the party or parties of interest, to whom mailed and whether or not received by the addressee. The successful purchaser (or assignee) is responsible in the amount of fifteen dollars ($15) for the cost of the tax title plus any documentary stamps necessary to be affixed and recording fees. The successful purchaser (or assignee) shall pay the amounts to the Finance Director before delivery of the tax title to the clerk of court and upon payment the Finance Director is responsible for promptly transmitting the tax title to the clerk of court for recording and remitting the recording fee and documentary stamps cost. In case the tax sale of an item produced an overage in cash above the full amount due in taxes and penalties, the overage shall belong to the defaulting taxpayer to be claimed or assigned according to law. If neither claimed nor assigned within five (5) years of date of public auction tax sale, the overage shall escheat to the general fund of the city. Prior to the escheat date, unclaimed overages must be kept in a separate account and must be invested so as not to be idle and the city is entitled to the earnings for keeping the overage. On escheat date, the overage must be transferred to the general fund account of the city.
(Ord. passed 4-16-1986)