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DumpsterBaby
My compass when I'm lost
Member since 5/11 2210 total posts
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My anchor when I get tossed
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Has anyone ever heard of this?
We just found out from the title search that the seller has a tax lien on the house and signed it over to the town of Brookaven! My lawyer is calling me today to discuss it but has anyone ever heard of this? this as clearly opened a Pandoras box of questions in my mind. I hope it's not as bad as I think.
I feel duped by the seller and their lawyer for not disclosing this previously, and for being shady about numerous other issues. I feel like we were not given the correct info to make an informed decision about going forward. I have to get answers today to put mind at ease because I have to deal with resigning my lease month to month now while this is handled at a huge premium.
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Posted 5/16/12 6:59 AM  |
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Prudential Douglas Elliman Real Estate
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Re: Has anyone ever heard of this?
I am not sure what you mean by "signed it over" when referring to the tax lien, but any liens on the house are usually paid off by the seller at closing from the proceeds. You can run into an issue if the seller doesn't have much equity and doesn't have other cash to satisfy the liens at closing -- You as the buyer need to be getting clear title in order for the deal to close.
But even if the seller doesn't have the $ to satisfy the full amounts at closing, if this is known in advance, I believe sometimes the seller's attorney can negotiate with the lienholders to reduce the amount that has to be paid.
I don't know the entire situation, but I wouldn't panic yet. Your attorney will know more and hopefully be able to set your mind at ease!
And just fyi - in NY, there's very few things a seller needs to disclose to a buyer of their home; it's pretty much "buyer beware." And if the seller is going to pay off all liens at closing, then there's no need to worry about it. Hope you get some answers soon!
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| Posted 5/16/12 8:17 AM |
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ThePinkGoose
In Your Hands
Member since 8/08 4706 total posts
Name:
Nunya
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Re: Has anyone ever heard of this?
Posted by Century 21 Dallow - Christine Braun
I am not sure what you mean by "signed it over" when referring to the tax lien, but any liens on the house are usually paid off by the seller at closing from the proceeds. You can run into an issue if the seller doesn't have much equity and doesn't have other cash to satisfy the liens at closing -- You as the buyer need to be getting clear title in order for the deal to close.
But even if the seller doesn't have the $ to satisfy the full amounts at closing, if this is known in advance, I believe sometimes the seller's attorney can negotiate with the lienholders to reduce the amount that has to be paid.
I don't know the entire situation, but I wouldn't panic yet. Your attorney will know more and hopefully be able to set your mind at ease!
And just fyi - in NY, there's very few things a seller needs to disclose to a buyer of their home; it's pretty much "buyer beware." And if the seller is going to pay off all liens at closing, then there's no need to worry about it. Hope you get some answers soon!
This happened to us. Last minute, we had to come up with an extra $5 Grand to cover unpaid taxes. 
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| Posted 5/16/12 10:19 AM |
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DumpsterBaby
My compass when I'm lost
Member since 5/11 2210 total posts
Name:
My anchor when I get tossed
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Re: Has anyone ever heard of this?
Posted by AnaMaree77
Posted by Century 21 Dallow - Christine Braun
I am not sure what you mean by "signed it over" when referring to the tax lien, but any liens on the house are usually paid off by the seller at closing from the proceeds. You can run into an issue if the seller doesn't have much equity and doesn't have other cash to satisfy the liens at closing -- You as the buyer need to be getting clear title in order for the deal to close.
But even if the seller doesn't have the $ to satisfy the full amounts at closing, if this is known in advance, I believe sometimes the seller's attorney can negotiate with the lienholders to reduce the amount that has to be paid.
I don't know the entire situation, but I wouldn't panic yet. Your attorney will know more and hopefully be able to set your mind at ease!
And just fyi - in NY, there's very few things a seller needs to disclose to a buyer of their home; it's pretty much "buyer beware." And if the seller is going to pay off all liens at closing, then there's no need to worry about it. Hope you get some answers soon!
This happened to us. Last minute, we had to come up with an extra $5 Grand to cover unpaid taxes.
Luckily, SHE has to pay the taxes, not us. Still friggin annoying and they should have told us!!!
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| Posted 5/16/12 10:38 AM |
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FranM
And so it goes....
Member since 9/05 2217 total posts
Name:
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Re: Has anyone ever heard of this?
Same thing happened to us. Our house was an estate sale, the heir was not paying the taxes due. At closing they handed over a check to someone (dont remember who) to cover what was owed for the county and school tax.
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| Posted 5/16/12 3:20 PM |
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