loanmasterone
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Once you open escrow and get your title report this will indicate if there are taxes owed on the property.
If there are taxes owed on the property the seller will be required to pay any and all back taxes. You will only be charged taxes on the property from the day your are scheduled to take possession of the property.
Any taxes you pay would be disclosed on your HUD-1 closing document that will be given to you at the close of escrow. You want to make sure you keep a copy of this document and pass it to your tax preparer.
You may ask for a HUD-1 prior to closing or upon the opening of the escrow, they will be able to provide you with the expected closing cost as well as any taxes you will be required to pay.
Make sure you get an explanation of each item on this HUD=1 document. It is vital because there are some items there that you might question. Once the transaction has closed it is too late to question items on your HUD-1.
Your mortgage loan broker or whom ever arranged your mortgage loan should also be able to provide you with a list of items that you will be required to pay. This should be provided to you within three (3) days of you completing your mortgage loan application.
Normally taxes on a property is paid through the the county in which the property is located. So you need not call the state, really you need not call anyone this information will be provided to you as required by any closing agent.
I hope this has been of some use to you, good luck.
"FIGHT ON" |
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src50
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Your title company should check - but you should also check. The place is the county tax assessor, not "the state." |
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SmartA$$
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The thing you need to do is to make sure you have a title insurance policy on the house. Your bank will insist on this if you are taking out a mortgage, although if you are financing it through the bank that is selling it, they may try to slip one past you.
The bottom line is ask your realtor and make sure you have title insurance. Then it becomes the title insurance's responsibility to make sure there are no liens against the house. |
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DeeDee
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you need to be the one to contact the County about property taxes. As far as State or IRS tax liens, the only way to find out, is if a title check is done before closing. |
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realtor.sailor
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Foreclosure eliminates all junior liens. There shouldn't be any back taxes, but make sure your offer requires the seller to provide title insurance. The title insurance commitment will show any problems in the chain of title, including back taxes.
realtor.sailor |
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I'm ready 4u Baby!
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well. Before you purchase the house the taxes need to be paid. They're supposed to notify you but, I'd make sure and call them. |
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THE MAN FROM IOWA
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You have the right to have these questions answered before closing |
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mtwain59
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that is good thinking! why be saddled with more debt? |
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pushstroke
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Ask for a full disclosure; not only for money that may be owed, but for any repair that has been neglected. Also, it is wise to invest in a building inspector before buying. The former owner or bank is only responsible to disclose what they "know" is wrong with a structure. Buyer beware. |
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Always an Opinion
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Always do your homework! I don't know where you go to find out. In CA taxes are paid through the county. |
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Patty G
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Hopefully you have a buyer's agent in place and take care of escrow for you. Once escrow is opened (when your offer is accepted) you will get the preliminary title report from the title company. This will have the tax payments and due dates and all the amounts listed. Your agent can also order a property profile. The title company should be able to find any liens on the property as these will have to be satisfied before closing. Hope this helps and good luck! |
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Othniel
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You should get clear title to the property with no liens and for that reason you will get title insurance. If you are buying through a Real Estate company or buying from a bank then these issues should all be settled prior to closing.
If you are buying on the "courthouse steps" then you had better know what you are doing because you don't know what kind of a can of worms you are opening! If you have any doubt at all hire your own real estate attorney. |
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Cheryl G
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When you take title on a dwelling, you assume all liens and liabilities as well as all the privileges of ownership. Better call the state or county and find out the tax status, and contact the clerk of the court to see if there are any liens against the property. Don't rely upon a title company to do this. There could be unpaid utility bills, for instance, that won't show up on the title. |
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Adam L
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Talk to your realtor but they owner is obligated to disclose that. at least in canada |
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Turbo Baby
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You need to check with the county tax collector, not the state.
Is there a Title or abstract company that will provide that info for you prior to close of escrow?
No offense, but this question leads me to believe you have not done this before. Lots of costly mistakes to be avoided. |
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