Posted on: 08th Feb, 2009 11:35 am
If I quit claim my property back to the mortgagee, who becomes responsible for back taxes?...I rehabbed a property and am finding it impossible to refi to pay off my short term mortgage note. The bill for last year's property taxes just arrived as I am considering quit claiming the property back to the mortgagee. Will I be responsible for last's taxes?
Hi mikebrez,
When you quitclaim the property you give up your interest in the property. the grantee ( who you transfer it to) becomes the legal owner of the property and is financially responsible it. Thus, after a quitclaim has been signed off, the taxes on the property have to be paid by the owner.
When you quitclaim the property you give up your interest in the property. the grantee ( who you transfer it to) becomes the legal owner of the property and is financially responsible it. Thus, after a quitclaim has been signed off, the taxes on the property have to be paid by the owner.