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I Purchased property seller will not give me the deed he says i have to pay back taxes first what do i do?
# Depends on how the deal was structured. # And depending in which state the sale was performed. # In most instances Being that is was done through escrow, the full due diligence was performed. But again you are vague as to how this deal went down. # Was it cash? # Financed through a bank or Lending institution # Was there an agent representing you on the buyer's side? # Was the agreement to pay back taxes part of the deal. If so is it in wtiting # If so you are obligated to pay those before full ownership can be assumed # Did you pay Upfront? # Did he or she explain there was an unlying lien by the County for backtaxes? If not then they can be sued for Non_Disclosure. (It's like selling you a car when they know there was a problem and didn't tell you and you have it for 2 days and the engine goes out) But again the details of your rights may be obtained by contacting your atttorney (Preferrably, A real estate attorney)
What else can I help you with?
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.
You owned a home could not pay property taxes a bank purchased the home how long before you have to vacate the property?
I owned a home. I could not pay the property taxes. A bank purchased the home. I never received an eviction notice. How much time do I have before I must vacate? I live in Pennsylvania?
How does someone buy property?
Property can be purchased with a loan from a bank or with cash. The deed must be signed to prove ownership and to begin paying property taxes one the land.
Are property taxes owed to the state from the owner when a property is foreclosed?
Property taxes are paid to local governments like counties, not states. If a property is sold at foreclosure auction, usually the county property taxes are paid first out of any proceeds from the sale.
Is there tax to pay whe selling a unregistered car?
YES. There should be some income taxes paid for the sale of a capital asset by the seller on the 1040 federal income tax return. And by the buyer some taxes to the DMV when they try to register the unregistered vehicle that they are supposed to have purchased from the seller of the unregistered vehicle.
If a property is sold who pays the property taxes?
The seller is responsible for all property taxes assessed for the period through the date of sale. The buyer is responsible for all property taxes thereafter. Remember in most states that property tax is paid in arrears which means you are paying for a time period of 3-6 months prior to the current date. On a HUD 1 closing statement those time periods and costs are clearly shown.
Paid cash for your home 119271.71 where does this amount go on your taxes for 2007?
Purchasing a house is not tax-deductible.You can deduct mortgage interest (which you do not have) and property taxes. If you received a property tax credit from the seller, which appears on the settlement sheet from your closing, you must net that against any taxes you paid during 2007. If there was any credit for taxes due in 2008, net that portion of the credit against property taxes you pay in 2008 to figure your deductible portion.
What happens if a home owner does not pay their property taxes in New Jersey?
In New Jersey, property taxes are a continuous lien on the real estate. Property taxes are due in four installments during the year: February 1, May 1, August 1, and November 1. Interest on delinquent taxes is charged. If the property owner fails to pay the property tax that is due within a certain time period, the property may be subject to foreclosure, either by the municipality or by a third party who has purchased the tax lien from the municipality.
What is the primary source of income for counties and municipalities in Georgia?
Property taxes
If a seller in contract agrees to pay all taxes until sale can they make buyer pay taxes instead?
No. The seller must honor the contract.
Why do we have to an inheritance tax when the previous owners paid taxes on them when they purchased them?
Inheritance taxes and property taxes are entirely separate issues. Regardless of whether or not we agree with taxes you still have to abide by them. I personally don't agree with the scope of inheritance taxes, however the government considers an inheritance taxable income.
Local government budgets rely primarily on what kind of taxes?
Property Taxes
