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08-22-2007, 10:59 PM
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| | | Nonpayment of property taxes
MN
Upon selling the house if I do not pay the taxes what will be the consequences? Will it affect my credit score in any way? Is it possible to work out a deal to pay them much later? Thank you in advance. |
08-22-2007, 11:02 PM
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| | | what taxes are you talking about?
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08-22-2007, 11:05 PM
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Originally Posted by zhuzha  MN
Upon selling the house if I do not pay the taxes what will be the consequences? Will it affect my credit score in any way? Is it possible to work out a deal to pay them much later? Thank you in advance. | The prorated taxes are included in the settlement statement.
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08-22-2007, 11:07 PM
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Originally Posted by moburkes The prorated taxes are included in the settlement statement. | but what if the closing is not undertaken by a closing house and agent?
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08-23-2007, 08:26 AM
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Originally Posted by justalayman but what if the closing is not undertaken by a closing house and agent? | If it's not done by whatever is customary for your area: settlement agent, lawyer, title company, etc... the parties are fools. Further most title companies, lenders, etc.. will insist on it. |
08-23-2007, 09:38 PM
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Originally Posted by FlyingRon If it's not done by whatever is customary for your area: settlement agent, lawyer, title company, etc... the parties are fools. Further most title companies, lenders, etc.. will insist on it. | Oh, I know that Ron, and I'm sure Mo does as well. I was simply playing devils advocate./
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08-24-2007, 09:10 AM
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| | | The taxing authority will attempt to collect them. If the current owner doesn't pay, they will proceed with a tax sale. If the current owner pays them he can sue the seller over the failure to pay. The current owner can in some jurisdictions contact the taxing authority with proof of the ownership change and get relief from action for the part owed by the previous owner. |
08-24-2007, 11:23 AM
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| | sorry, i meant property taxes... Quote: |
Upon selling the house if I do not pay the taxes what will be the consequences? Will it affect my credit score in any way? Is it possible to work out a deal to pay them much later? Thank you in advance.
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08-24-2007, 07:09 PM
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| | | well, if you read the entire thread, the answers are actually there but hopefully to clarify;
if this was/is being done at a closing office of some sort, this should all be taken care of during the closing.
If you are doing this without a closing agent, forseeably you could skip on the taxes. What would happen in the new owner would simply get the tax bill with arrears on them. What he does then is up to him and the contract.
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08-25-2007, 12:59 PM
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| | | What about simply not paying them until the house is sold (which may take years). Are there any serious consequences like eviction or poor credit score for doing this? |
08-25-2007, 02:29 PM
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| | | in most states (I beleive) the tax man will repossess the home due to unpaid taxes and auction off the thing.
So, if your state repo's for taxes, yes, eviction would be a very big concern. Credit report; I do not believe taxes are reported to your report.
as far as paying them later; there are statutory limits that are not negotiable. If your state allows a certain period of time before repo, then you have that long.
I am not familiar with Minnesota's tax rules. It would be easier for you to find them from your local taxing authority than I could from here.
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