 Defective title (by Q [NE]) Jan 23, 2018 8:28 AM
 Defective title (by Richard [MI]) Jan 23, 2018 8:54 AM
Defective title (by Ken [NY]) Jan 23, 2018 9:10 AM
Defective title (by Mickie [OH]) Jan 23, 2018 9:35 AM
Defective title (by Nicole [PA]) Jan 23, 2018 12:09 PM
Defective title (by Oregon Woodsmoke [ID]) Jan 23, 2018 1:05 PM
Defective title (by Ken [NY]) Jan 23, 2018 1:21 PM
Defective title (by Skunk [KY]) Jan 23, 2018 3:27 PM
Defective title (by Vee [OH]) Jan 23, 2018 3:41 PM
Defective title (by Tom [FL]) Jan 23, 2018 7:42 PM
Defective title (by Don [PA]) Jan 23, 2018 9:43 PM
Defective title (by Q [NE]) Posted on: Jan 23, 2018 8:28 AM
Message:
I ran across a possible deal and I need advice.
Small 2 bedroom, needs work. Priced to sell at half the accessed value. Seller said it has a defective title because the person he bought it from did not pay the inheritance tax. Anybody have any experience here? If I buy it, am I responsible for this tax?
Q-Out... --174.217.xx.xxx |
Defective title (by Richard [MI]) Posted on: Jan 23, 2018 8:54 AM
Message:
Sounds like a tax problem for whoever did not pay it, not a title problem. What's your lawyer say? --23.121.xx.xxx |
Defective title (by Ken [NY]) Posted on: Jan 23, 2018 9:10 AM
Message:
I would be all over that,you are the only guy not scared of it.I would talk to my attorney and title rep,at some point the title companies will write a policy on it if not now.I doubt you would be responsible for it but ask the attorney but consider buying it in a trust or an LLC if need be,plan on just collecting rent from it for awhile till the title is ok.Lots of title issues go away over time.Also lots of times sellers really don't know what they are talking about,it may have been a problem in the past or they just were told wrong to begin with.I would be pushing the sale price as low as possible --72.231.xxx.xxx |
Defective title (by Mickie [OH]) Posted on: Jan 23, 2018 9:35 AM
Message:
Inheritance tax as in IRS?, --174.232.x.xxx |
Defective title (by Nicole [PA]) Posted on: Jan 23, 2018 12:09 PM
Message:
in Pennsylvania, the buyer would be responsible as unpaid inheritance tax creates a lien on the real estate
contact you state's tax bureau (here it's the Dept. of Revenue) that oversees inheritance tax ... see if you can cut them a deal. here, they are always offering some type amnesty programs. --72.95.xx.xxx |
Defective title (by Oregon Woodsmoke [ID]) Posted on: Jan 23, 2018 1:05 PM
Message:
I wouldn't buy it without learning what the defect is and how it could be cured.
For a low enough price, I might pay IRS lein, but I'm not buying property from someone who does have legal title to sell it. If you don't get it cleared up before you buy, it isn't going to get better with time. --174.216.xx.xx |
Defective title (by Ken [NY]) Posted on: Jan 23, 2018 1:21 PM
Message:
Nicole,the buyer would not be responsible,it may well be a lein against the property but the buyer themselves can't be made to pay for it,the IRS nor anyone else will go after a low end property to collect on it and over time a title company will write a policy.I buy houses will these problems regularly and my title company has written policies in the past because they have admitted they didn't want me to go find a different company that would write it --72.231.xxx.xxx |
Defective title (by Skunk [KY]) Posted on: Jan 23, 2018 3:27 PM
Message:
Talk to your attorney. Mine once made a $250K lien on a seller's property magically disappear. The clerk that entered it mistyped and entered an extra zero....it was supposed to be $25K.
I have no idea how the attorney made it go away - something about him talking with the lien holders - but I have clear title now. Pretty much magic. --74.139.xxx.xxx |
Defective title (by Vee [OH]) Posted on: Jan 23, 2018 3:41 PM
Message:
Federal liens are not gonna shake off, find out if the sale will cover the lien amount, buy house with warranty deed, seller problem as long as the amount wipes off the lien. --76.188.xxx.xx |
Defective title (by Tom [FL]) Posted on: Jan 23, 2018 7:42 PM
Message:
Q of NE, Offer them half of the asking price. Also talk to a title company run a title search on the property, it will show you any title issues. Then address any title issues with your real estate attorney or your title company can help resolve any issues. --99.56.xx.xx |
Defective title (by Don [PA]) Posted on: Jan 23, 2018 9:43 PM
Message:
The op stated inheritance tax, not estate tax. They are talking about state inheritance tax, not federal estate tax, which does not kick in until you hit a million dollars net worth (may be even more now). In Penna., inheritance tax becomes a lien on the property. Do a search to make sure there are no other liens and figure out how much the tax, interest and penalties are and make your offer accordingly. Better yet, get title insurance and have them pay off the lien from the money that you pay. There was an estate involved. The guy back then did not pay the inheritance tax, what makes you think that he handled the estate properly, that he did not "forget" to mention some other relative that should have been in for a share, too? --73.141.xxx.xxx |
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