Curiuos situation involving back taxes
Curiuos situation involving back taxes
Im a first timer buyer and have chosen a home to buy. When the title search was done, It was dicovered that there were back taxes owed on the property. My wuestion is this: First let me give a quick little background on the situation. The man Im buying from is in his 80's and is retiring. He owns 50 or so pieces of property. This particular property he financed an individual who purchased the house. The buyer eventually went bankrupt and the home fell back on the man who I am now buying it from. Before singning a contract, It was discovered that the title isnt clean due to back taxes owed on the property. The hous is only 5 years old. My question is why is it taking so long to clear this matter up?? Based on the area and the property, The most that could be owed is around $2,000, If even that. It has been nearly 3 weeks now since learning of this. The man has informed me that his lawyers are working on the problem. Can he not just pay the back taxes and sell it to me, Then let his lawyers settle this? Yesterday he called me to let me know theyre still working on the problem. Should I be wary?? Any info would be greatly appreciated. Thanx!
Re: Curiuos situation involving back taxes
Back taxes always have to be paids..Most often the closing attorney who is issuing the title insurance will withhold the money from the seller at closing and pay trhe taxes himself..Thia assures him it was done correctly..Go to close soon..rates are rising everyday...your wait can cost YOU lots of money..
Re: Curiuos situation involving back taxes
I think you misunderstood me. We cant close, We dont have a clean title, Therefore we are unable to proceed any further. The house is only 4 years old and the taxes arent but $500 or so a year. Thats nothing. So why don these people selling the house pay whats owed, Which cant be that much, And sell us the house?I think something else is afoot. Should I feel wrong, Or is it wrong to ask whats going on exactly? Im getting tired of waiting while in the dark.
Re: Curiuos situation involving back taxes
There is no reason not to close...Even if there is back taxes..Attornies close in this situation everyday..They hold back the money freom the selle and pay the tax....The only time this will not work is if there is no equity to withhold money from..Time is not on your side...rates are rising everyday....
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