Posted on: 07th Feb, 2014 02:25 pm
I purchased an owner financed home in nc and the property tax bill still comes in the sellers name. I was wondering if this is legal or should it have been changed over to my name. I have purchased a home before through a bank and my property taxes came in my name.
Thanks for the help
Thanks for the help
Who pays the property tax? You or the seller?
I pay the property tax
Did the seller transfer the dee into your name when you purchased? If not then that would explain why the taxes are still in their name - when you buy using traditional financing all of this is done as procedure through a title company - when you buy FSBO you need to make sure the same steps are taken to protect your investment -
Good Luck
Brian Barnes
ENG Lending
Nationwide Lender
Good Luck
Brian Barnes
ENG Lending
Nationwide Lender
Thanks Brian. He did not transfer the title. By law does he have to transfer the title
Thanks Brian. He did not transfer the title. By law does he have to transfer the title
I do not if they have to however I would seek out your state laws regarding this - the downside if he doesnt is you cannot write off the property taxes if they are not in your name -
The seller may be waiting until it is paid in full but that is not necessarry - a mortgage, even if owner financed, is guaranteed by the property regardless -
If he wont you can get traditional financing and pay him off -in that case the home will be titled into your name and the taxes will be in your name as well.
Good Luck
Brian Barnes
ENG Lending
Nationwide Lender
The seller may be waiting until it is paid in full but that is not necessarry - a mortgage, even if owner financed, is guaranteed by the property regardless -
If he wont you can get traditional financing and pay him off -in that case the home will be titled into your name and the taxes will be in your name as well.
Good Luck
Brian Barnes
ENG Lending
Nationwide Lender