News for Real Estate Investors and Landlords — 40-10-28
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On April 10, 2014, Governor Bentley signed into law another amendment to the excess funds statute, Alabama Code 40-10-28. For newbies, the excess funds are the tax sale purchase price over and above the taxes due on the date of the auction. If the taxes were $1,000, but bidding increased the final purchase price to $50,000, then there will be $49,000 of excess funds. "Who gets the money?" is the question. A prior amendment said that for tax sales after August 1, 2013, the only people entitled to the excess funds were people who redeemed from the tax sale. In...
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