the house is bought at an county treasurer's auction. If the home owner has a mortgage do i need to continue to pay because i now own the house or is it free and clear, im not responsible for the mortgage????
2006-06-21 13:55:44 · 2 answers · asked by kallijoy 1 in Business & Finance ➔ Taxes ➔ United States
This is where its dangerous to buy a tax or bank repo home.
The definition of a lien is money owed against the house, and it is transferred for the life of the deed until it is paid off.
This could be something as simple as a plumbing bill, or as complicated as decades of back taxes.
You cannot know if the title is free and clear unless it is researched. This is where a lawyer is NECESSARY! He can go to the county offices and research the deed and title. Also, if he tells you that there are no liens of any kind, and you decide to buy the house ALWAYS buy title insurance. This protects you from an error on his part, or if the county didnt keep things updated.
Usually if the house is up for tax auction that means the the state or county is liquidating the debt. So they will erase the lien when the house sells. Its their way of cutting their losses and allowing the home to be lived in so they can try once again to collect regular taxes every year. But that doesnt mean that some other company or person doesnt have some sort of lien on the home and or property.
Get a lawyer. A good one is worth the time/money.
2006-06-21 14:03:23 · answer #1 · answered by amosunknown 7 · 0⤊ 1⤋
well yeAH if i want buy some huose i well buy any thing they want for it tex thats nothing
2006-06-22 11:17:33 · answer #2 · answered by alshamifawzi 1 · 0⤊ 0⤋