Someone offered me a property for free and said all taxes are paid up to date. I was wondering what costs i would have if i agreed to take the home. What are aproximate fees? because i am a college student and dont have much money. but it can be used to rent out. Is there any way that i can be scammed by this?
2007-01-13 10:58:29 · 5 answers · asked by shawnluger1 2 in Business & Finance ➔ Renting & Real Estate
As always, if something sounds too good to be true, it probably is.If this property is offered by a family member, great. if not, unless you can understand why they would give away property, look carefully.
Assuming this is a legit offer and there is nothing else going on here, it should cost very little to transfer the property. In my area (Greensboro, NC USA) attorneys charge about $450, but that is mostly for handling the loan papers.
here it would cost about $100 for the deed preparation, about $25 bucks for the recording of the new deed and another $25 for closing out and recording the closing out of any existing liens on the property.
ONE last note of caution: the property taxes may very well be up to date, but in some states (NC being one of them) the tax bill for the year of the transfer of property is often required to be paid at the time of transfer. even if you benevolent friend has paid the taxes up to know, it could possibly leave you will the immediate debt of the rest of the year's tax bill (ask a local real estate attorney).
Actually, that is probably the short version of all of this - ASK A LOCAL REAL ESTATE ATTORNEY.
2007-01-13 11:52:58 · answer #1 · answered by triad_historic_homes 2 · 0⤊ 0⤋
First question is to ask yourself why? There is always a cost. It may just not be money.
Contact a title company attorney. It could be transferred as easily as a quick claim deed.
I would also recommend you having a title search on the property to make sure there are no liens or judgements on the property.
I would also recommend you get a property inspection to know what you are getting into. For example if there were some type of chemical spill on the property and you took ownership, you would be liable for any cost of clean up.
Total cost of everything should be less than $800.
If there is clear title, no liens or judgements on property, no violations or serious problems with the property and no hidden cost or implications from the giver than I would say go for it.
2007-01-13 19:53:26 · answer #2 · answered by Bestbank Real Estate 3 · 0⤊ 0⤋
You would need to contact a title company or an attorney that handles real estate transactions. It generally costs about 300.00-350.00. Maybe because there is no loan they may give a discount. There may be a few other fees for the transfer of title. If you go to an attorney or title company then you should not get scammed but you can ask them. I hope it works out for you. Good luck.
2007-01-13 19:13:31 · answer #3 · answered by NH Realtor 2 · 0⤊ 0⤋
First get a lawyer to check it out first then go ahead I hope it wprks out for you
2007-01-13 21:05:23 · answer #4 · answered by pattibcacl 6 · 0⤊ 0⤋
I don´t think that is real,
2007-01-13 19:05:31 · answer #5 · answered by Anonymous · 0⤊ 0⤋