Owners, purchasers and sellers of real property in Pennsylvania have a strong interest in making sure that the title to the property is free of any defects or competing claims. A cloud on the title can hold up a sale or refinancing. Title insurance provides some protection, but the insurer may refuse to issue a title insurance policy on the property if there is a title defect or unresolved claim.
If a homeowner is facing the prospect of losing a house because of unpaid taxes, then there are four possible ways of postponing a tax sale:
Mixed responses of hope and skepticism have surrounded the ordinance that created Philadelphia's new Land Bank, which is aimed at cleaning up and repurposing the city's roughly 40,000 underused or blighted properties. Philadelphia is currently the largest U.S. city to establish a land bank, and other cities with major real estate problems are undoubtedly looking to Philadelphia as a possible model.