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We are in a lease to purchase agreement on a home. We pay taxes each month to the seller. The property taxes have not been paid by the seller to the courthouse Is this legal?
Wiki User
∙ 11y ago
You must read your lease/purchase agreement carefully to see whether the method of handling taxes was specifically addressed (I hope it was) and how this is being handled by your property owner. Even in a standard mortgage agreement (where the mortgage is held by a lending institution) the lender customarily collects 1/12th of the taxes due on the mortgaged property every month as part of the monthly mortrgage payment - places it into an escrow account - and then pays the property taxes once every year prior to the due date. This is a standard industry procedure. If your lease/purchase agreement does not specifically address this, ask your owner if that is the method he is using. Just because your owner has not been paying taxes monthly to the courthouse does not necessarily mean that he is in arrears. He may simply be doing exactly what the big lending institutions do (i.e.- paying once a year). ON THE OTHER HAND; If your check of the courthouse records reveals that the county considers the property tax on the property to be in arrears, contact your owner immediately and advise him that you are aware of the shorfall and request that he bring the tax payments up to date immediately. In order to protect your investment, not to mention the roof over your head, it probably wouldn't hurt to also contact an attorney that specializes in real estate law at the same time.
Wiki User
∙ 11y ago
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Purchase Agreement?
Get StartedA Purchase Agreement is a document under which a seller transfers personal property to a buyer. This document CANNOT be used to transfer real estate and may be inadequate to transfer a vehicle, as well as most types of intangible personal property. If the property that will be transferred has been pledged as security for a loan, it may be necessary to obtain a release from the party to whom the loan is owed. In such cases, it is advisable to consult with a lawyer.The Purchase Agreement should be signed by both the Buyer and the Seller, and becomes effective as of the date provided in the text of the document.
What is the difference between purchase agreement and closing on a house?
A purchase agreement is, well, an agreement to purchase a property. It sets the price the buyer will pay to the seller. "Closing" on a house is signing all the paperwork (and there is a lot of it!). This includes not only the purchase price, but all the fees associated with a property transfer -- title searches, taxes and the like, the details of the mortgage (the agreement between the purchaser and the lending institution), the commission to be paid to the real estate agent, etc. All that stuff in addition to the actual purchase price is "closing costs" and there is usually a separate agreement specifying which of these costs will be paid by the buyer and which by the seller. You can get writer's cramp signing all the papers at a closing!
What the meaning of absolute deed of sale?
The definition of a deed of absolute sale is an agreement between a seller and a purchaser legalizing the purchase of property. It can be done in writing and it legally binding.
Can seller void contract if buyer makes unauthorized improvements to property?
No, that would not generally be grounds for terminating a purchase and sale agreement unless the prohibition were specifically stated. If the buyer is trespassing, that would be a different issue than the obligation to purchase and sell the property.
Can a purchase agreement be signed first by the seller ....Is this binding?
Yes, a seller can sign the agreement first, but it is not binding until all parties have signed and the signed copies have been delivered.
What are the features of a hire purchase system?
buyer and seller make written and legal agreement between them
What is the seller when he sells his home an offeror or offeree?
The seller is the offeree. In all real estate cases, the seller will list or "put up for sale" their home or property. A buyer will then submit an offer to purchase that property making them, the offeror.
When does a buyer extort money from seller for repairs?
Extorting money from anyone sounds slightly criminal. When a buyer knows, from a reputable inspector, for example, that repairs are required to a property, the buyer can request that the seller consider that expense in the sale price. Neither the buyer nor the seller is obligated to move forward with the purchase if no agreement can be reached over repairs.
When a home's deed is transferred to another person do the contents of the house such as furnishings etc. convey?
Personal property does not automatically transfer with a deed for real property. In some cases the seller will agree to make the furnishings part of the sale but you must discuss that in advance of the sale and let your real estate agent make it part of the purchase and sale agreement.Personal property does not automatically transfer with a deed for real property. In some cases the seller will agree to make the furnishings part of the sale but you must discuss that in advance of the sale and let your real estate agent make it part of the purchase and sale agreement.Personal property does not automatically transfer with a deed for real property. In some cases the seller will agree to make the furnishings part of the sale but you must discuss that in advance of the sale and let your real estate agent make it part of the purchase and sale agreement.Personal property does not automatically transfer with a deed for real property. In some cases the seller will agree to make the furnishings part of the sale but you must discuss that in advance of the sale and let your real estate agent make it part of the purchase and sale agreement.
How do you get your down payment back on foreclosed property?
Your down payment was used to purchase the property and was paid directly to the seller. You don't get it back.
Who can tell me how to make purchase agreement template?
This website, Law Depot, makes it very easy to create legal documents like purchase agreements: http://www.lawdepot.com/contracts/purchase-agreement-form/?a=t&ldcn=purchase They ask you to enter the details of your purchase agreement (like the seller's details, buyer's details, etc.) and when you submit the form, they give you a purchase agreement that you can copy and use for your business needs.
How an escrow clause can be drafted?
First, determine what conditions would cause you to back out of your agreement with the seller after signing the purchase agreement. Write these into an escrow clause, then have an attorney look it over to ensure its legality. Then, both you and the seller must sign the clause.
