Posted on: 29th Apr, 2010 05:20 pm
Hello,
I am taking ownership of a house that from my sister that she used as collateral on a loan I made her. She owes $2700 in property taxes. Can I take ownership before the taxes are paid. And, does this debt prohibit her offering of a warranty deed to me?
Thx.
Bluefish
I am taking ownership of a house that from my sister that she used as collateral on a loan I made her. She owes $2700 in property taxes. Can I take ownership before the taxes are paid. And, does this debt prohibit her offering of a warranty deed to me?
Thx.
Bluefish
Welcome bluefishout,
You can take the ownership of the property before the taxes are paid off. However, you would become responsible for the tax dues once the property is transferred to you. If the IRS has placed a lien on the property, then your sister will not be able to sign a warranty deed to transfer the property to you. She will have to go for a quit claim deed.
You can take the ownership of the property before the taxes are paid off. However, you would become responsible for the tax dues once the property is transferred to you. If the IRS has placed a lien on the property, then your sister will not be able to sign a warranty deed to transfer the property to you. She will have to go for a quit claim deed.