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What can you if the estate money is not enough to pay delinquent property taxes plus necessary debt?
Wiki User
∙ 14y ago
The property could be sold to pay the debts. If that's still not enough a motion should be made to the court to declare the estate to be insolvent. The law will then govern how the creditors will be paid.
Wiki User
∙ 14y ago
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What is real estate taxes?
In Michigan if there is delinquent taxes on a home and property and an outsider pays the taxes do they take over title to the home and property.
Are there place to get financial help for deliquent property taxes if person whose name on deed is deceased?
No. The owner of the property must pay the delinquent taxes. If the owner has died the estate must be probated in order for the heirs at law to acquire legal title. The town can take possession of the property and sell if for delinquent property taxes. The debt grows the longer the taxes remain unpaid. If you want to keep the property you should pay the taxes ASAP.
What are the inheritance tax in New Mexico on property?
It will depend on the total value of the estate. There may not be any if the estate is small enough.
Does estate value include real estate?
Yes. Estate values are being determine by license appraisers and they conduct the necessary evaluation and assessment of a certain estate property about it's value. Any estate property is included in real estate. Any land resource that is directed for valuable use is included in real estate, for sale or not.
Can you give your property away owing taxes?
Yes, you can give your property away owning taxes, unless there is a lien or other legal document held by the IRS or taxing authority that prohibits you from doing so. Examples of such restrictions against giving the property away might be where your personal income taxes are delinquent or your property taxes are delinquent and the property is collateral guaranteeing payment of the debt.If the property is free of delinquencies, the person accepting the property is doing so subject to the outlying property taxes. For example, if you gave real estate to a person they probably need to pay the real estate taxes before they could purchase title insurance or mortgage the property.
Is a real estate agent necessary when searching for new real estate?
No it is not necessary to have a real estate agent when searching for new property. However it is highly recommended that one have a real estate agent since it is most likely that they know the right questions to ask and what to avoid in such a search.
If the owner on the summons for foreclosure of tax lien is deceased will the heirs have to pay the delinquent municipal taxes?
If the heirs want to keep the real estate they must probate the estate and pay the taxes. If the taxes aren't paid the town will take possession of the property and sell it.
Collecting delinquent child support from the decesased parents estate?
File a lien
What takes precedence - a will or life estate deed for real property?
Your question does not contain enough detail. You can add more details on the discussion page. If a person conveyed their real property by deed while living then the property cannot become part of their estate after their death. If they granted a life estate, that person owns the life estate for the duration of their natural life.
Once you have the deed to the house in your name after the death of both owners can you sell the property?
If the estates were properly probated (if necessary) and the real estate is in your name legally then you can sell your property.
Is probate necessary for an estate that is left to surviving spouse in Michigan?
If the decedent left any property that was solely owned the estate must be probated. Any property owned as joint tenants would automatically pass to the surviving joint tenant.
Is money from the sale of property part of the estate?
If the property was part of the estate then the proceeds are also part of the estate.
