0
Add your answer:
Earn +20 pts
Who is responsible for back taxes on a quitclaim deed?
It is the responsibility of the land owner to pay the property taxes. If a land owner is selling property for which back taxes are owed the payment of the taxes can be part of the negotiations for the sale of the land. However, the issue must be addressed prior to the sale.It is up to the purchaser of property to make certain the property taxes have been paid by the seller at the time of the purchase. If the buyer doesn't demand proof the taxes have been paid BEFORE the sale, the land will be acquired SUBJECT TO any back taxes owed. If land is purchased for which back taxes are owed the new owner will be responsible for paying the back taxes or the town will take possession of the property.The purchase of real property should always be supervised by an attorney. One of the first items on the land purchase check list is to obtain a certificate from the town that states the taxes are paid.
How much tax must be paid on land sales?
You must pay capital gains taxes on any amount of profit that you receive from the sale of the land. This is around 15%. In addition, there may be local and state taxes that need to be paid depending on your location.
You sold a property on land contract payee is in default and willing to transfer back to you with a quitclaim deed will his delinquent taxes be your respsonsibility thanks?
Yes. Property taxes remain on the land until they are paid.
Do quitclaim deeds free you from taxes on the property you have relinquished?
No. You still owe the money and the creditor can go after you for payment. In addition, whoever you transferred the land to will come after you if they paid you any money for the land because the land can be taken from them by the town for delinquent taxes.
Where can you find free land?
I do not believe there is actual "free" land available, even if you get a "deal", property taxes, existing and future liens will always have to be paid.
How does a parcel of land get taxed?
Taxes escrowed as part of your pymt. Paid few times a yr by loan co.
What is the law about property taxes and when are they due to be paid?
Generally: The law is that if your property taxes are not paid on time a penalty or interest begins to accrue. IF the default continues the government can take possession of the property by a tax taking and foreclosure procedure. Your land can then be sold to a new owner.
Who were sharecropper?
sharecroppers were farmers who rented land and paid a share of each years crop as rent; they did not own the land they worked.
Can you own land and get social sucerty?
Yes. Social Security is a "retirement" plan that you pay into, all of your working life (if you're working legally and paying the required taxes).
How were knights or vassals and samurai paid for their military service?
From their master whom apprenticed them and helped trained them.
The Land Ordinance of 1787 required land taxes from the Northwest.?
Yes, the Land Ordinance of 1787 required land taxes from the Northwest.
Did The Land Ordinance of 1787 required land taxes from the Northwest?
Yes, the Land Ordinance of 1787 required land taxes from the Northwest.
