In My Neighborhood in 19133>Question Details

Kenny, Other/Just Looking in Philadelphia County,...

i have a frein who wants to give me a house for 1 dollar if i would pay of the back taxes 'how can it be done?

Asked by Kenny, Philadelphia County, PA Sat May 7, 2011

Help the community by answering this question:

Answers

3
Kenny,
Terri is right on. You need a complete look at all the details. Since it's not a listed property you can go straight to an attorney. They can order the Title Report, review it and prepare the documents if you decide to proceed. It would also be a good idea to an inspection done. If the taxes are behind, there may also be deferred maintenance you want to know about before you own it.
Let us know how this turns out.
1 vote Thank Flag Link Sat May 7, 2011
You should talk with a real estate attorney and a title company. There may be loans, liens, or others who have a claim to the house and without a title search you don't know what you are buying. Then you will want to make sure that the transfer is clear of all liens and title is recorded properly.
Web Reference: http://www.terrivellios.com
1 vote Thank Flag Link Sat May 7, 2011
Kenny,

If your friend is willing to exchange this property for one dollar and back taxes, he/she is not really giving the property to you. The old saying, "look before you leap" may apply here.

It would be important to understand if there is a clear title to the property. We know there are back taxes associated with it but are there any liens or other debts that are attached to the property. We would recommend that prior to making any type of commitment that you do some investigating first. It would also be beneficial to know the current value of the subject property.

When all is said and done, the value of the property and its condition, back taxes, legal fees, and possible liens are very important considerations.

There are times, we shouldn't look a gift horse in the mouth but other times that everything may not be as it appears.

Hope this is helpful,

Bill
0 votes Thank Flag Link Sun May 8, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer