3/2 Townhouse in NC 8K IN BACK TAXES OWED

3/2 Townhouse in NC 8K IN BACK TAXES OWED

Real Estate Investor · Charlotte, NC · Member since 2010 · 19 posts · 0 votes

I need some advice on how to move forward with a condo with 8k in back taxes.

1. If I have a contract with owner do I have to pay all taxes and liens at closing

2. Or are the taxes and liens satisfied from the sellers profit?

Thanks for your help on a dumb question but I'm not sure how to move forward.

L.R.

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  • Investor · Maui, HI · Member since 2012 · 232 posts · 96 votes
    12y
    Depends on your contract did the contract say buyer to assume all taxes and liens?
  • Real Estate Investor · Charlotte, NC · Member since 2010 · 19 posts · 0 votes
    12y

    No It didn't

  • Ned CareyPro Member
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    Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
    12y

    Normally a contract will say that the seller is selling the property "free and clear of all liens and encumbrances"  In other words any back taxes mortgages etc get cleaned up at settlement from the SELLERS funds. 

    However it is whatever you can negotiate. I often offer the seller a net price and then I pay the back taxes etc.  I then try to negotiate any bills that are due and I get the advantage of any savings. 

  • Real Estate Investor · Charlotte, NC · Member since 2010 · 19 posts · 0 votes
    12y

    Okay thanks for the quick responses I will see if we can put that statement in the contract

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