A report of a forfeiture sale and final ratification thereof shall be made as provided in this Division, in the matter of tax sales generally. If such real estate so sold is not redeemed within the two (2) years allowed therefor by the payment of the purchase money, with interest on the same at the rate of twelve percent (12%) per annum, and all subsequent taxes, interest and penalties accrued thereon, it shall be forfeited to, and a good fee simple title to the property vested in the Council, without the execution of any deed therefor.