We recently (my fiance and I) bought a trailer from a couple. We have the title, but it in remains in their names (neither of our names appear anywhere on it). He conducted the transaction, so I am in the dark on this. Don't we need to have the title in our (or his) name? Aren't we responsible for the taxes on it? Not to mention if we were to sell it? Please help me out here, as he says that it's not necessary.
2007-01-29 13:43:33 · 1 answers · asked by nunya 3 in Business & Finance ➔ Personal Finance
If your name isn't on the title, it's not legally yours. The title needs to be changed and notarized at the county courthouse to show ownership AND this would make you responsible for the taxes as well. If all you have is a contract saying you bought it from them, you could be in a legal battle later if they want to screw you and take it back because their name is on the title. You assume all liens, taxes, etc when you bought the trailer. When the taxes are due, it's going to be sent to them since their name is on the title and their not going to pay because it's "yours" now. Therefore, no taxes get paid, the house is auctioned for the amount of taxes due and they'll get the remainder of what the house brought since their name is on it. Just get it changed and talk to the county court clerk. Save yourself the headache. Your fiance is trying to get a house without paying all the fees that go with it, and it's going to bite him/you in the butt. He needs to pay to have the title brought up to date and to see if there is a lien against it, if so, and you're on the title now.......you pay it. He should have done all the "closing" type of paper work before buying it..........not a very wise decision for buying a house.
2007-01-29 13:56:27 · answer #1 · answered by dylancv62 3 · 0⤊ 0⤋