§ 15-6-424 — Assessments; purchaser's lien; interest

The purchaser at any sale authorized in this chapter acquires a
lien on the property bid in by him for the amount paid plus all
taxes and delinquent assessments, or delinquency and all
interest, penalties, costs and charges he paid thereon whether
levied before or after the sale for state, county, city or town
purposes. The purchaser is entitled to interest at the rate of
twelve percent (12%) per year on the original amount he paid
from the date of the sale and upon subsequent payments from the
date of payment of the respective amounts.