If, after such hearing, the court is satisfied that the proposed compromise is proper and to the advantage of the county and the other taxing authorities interested, it shall enter a decree approving such compromise settlement, or such other settlement as the court may find to be proper, and directing a conveyance of such property by the county to the former owner, or his heirs, upon the payment of the agreed amount and of all costs of the proceeding. The proceeds of such compromise shall be distributed to the respective taxing authorities in proportion to their tax claims. The title conveyed shall be free and clear of all tax liens, but shall not discharge any liens which would not have been discharged on sale for the taxes.