Section 11-332. Rights of purchaser of tax lien

a. Any purchaser of a tax
  lien or tax liens shall stand in the same position as the city and shall
  have all the rights and remedies that the city would have had if the tax
  lien or tax liens had not been sold.
    b. The aggregate amount of each tax lien transferred pursuant to  this
  chapter  shall  be  due  and payable one year from the date of the sale.
  Until such aggregate amount is fully paid and discharged, the holder  of
  the  tax  lien certificate shall be entitled to receive interest on such
  aggregate amount from the date of sale, and semi-annually at the rate of
  interest applicable in accordance with section 11-319 of  this  chapter.
  If  such  aggregate amount is partially paid, the holder of the tax lien
  certificate shall be entitled to receive interest  only  on  the  amount
  that  remains unpaid. Notwithstanding the foregoing sentence, the holder
  of the tax lien certificate shall be entitled to receive  and  retain  a
  surcharge  equal  to  five  percent  of the lien arising pursuant to the
  provisions of this chapter as a  result  of  the  nonpayment  of  taxes,
  assessments,  sewer  rents,  sewer  surcharges,  water  rents, any other
  charges that are made a lien subject to the provisions of this  chapter,
  the  costs  of  any  advertisements  and  notices given pursuant to this
  chapter, any other charges that are due and payable,  and  interest  and
  penalties  thereon. Any amounts due shall be paid directly to the holder
  of the tax lien certificate. At the option of the holder of any tax lien
  certificate  the  aggregate  amount  thereof  shall  become  subject  to
  foreclosure  after default in the payment of interest for thirty days or
  after default for six months after the date of sale stated  in  the  tax
  lien  certificate  in  accordance  with sections 11-320(d) and 11-328 of
  this chapter in the payment of  any  taxes,  assessments,  sewer  rents,
  sewer  surcharges,  water  rents, any other charges that are made a lien
  subject to the provisions of this chapter, or the interest or  penalties
  thereon which become a lien on or after the date of sale of the tax lien
  transferred  by  such  tax  lien  certificate. At his or her option, the
  holder of the tax lien certificate may satisfy any such  subsequent  tax
  lien on the same property, and shall, by virtue of such satisfaction, be
  deemed  to be in the same position as if he or she were a purchaser of a
  tax lien certificate for such subsequent tax  lien,  provided,  however,
  that  such  holder  shall  not  be  entitled  to  receive a five percent
  surcharge on such subsequent tax lien pursuant to this section. The rate
  of interest on such subsequent  lien  shall  be  the  rate  of  interest
  applicable  to  tax lien certificates pursuant to section 11-319 of this
  chapter. The commissioner of finance or his  or  her  designee,  at  the
  request of the purchaser of such subsequent lien, shall issue a tax lien
  certificate for such lien pursuant to sections 11-327 and 11-328 of this
  chapter.  Upon issuance of such certificate, the commissioner of finance
  or his or her designee shall provide such notice as is required pursuant
  to section 11-320(d) of this chapter. Failure to provide notice pursuant
  to this subdivision shall not affect the validity of any transfer  of  a
  subsequent  tax  lien  or  tax  liens  pursuant to this subdivision. Any
  person having a legal or beneficial interest in property affected  by  a
  tax  lien  certificate  may satisfy the same at any time upon payment of
  the amounts due with interest at the rate applicable in accordance  with
  section  11-319  of this chapter. Upon satisfaction of the tax lien, the
  holder thereof shall issue to the person who satisfied such tax  lien  a
  certificate  of discharge, certifying that the tax lien has been paid or
  has been otherwise satisfied,  in  such  recordable  form  as  has  been
  approved  by  the commissioner of finance. For purposes of this section,
  the words, "date of sale"  shall  have  the  same  meaning  provided  in
  section 11-320(e) of this chapter.