Home Buying in Lockport>Question Details

Jack, Home Buyer in Akron, OH

Is there a certain tax payable at closing on a residential home on the balance owed if the property is owner?

Asked by Jack, Akron, OH Sat Aug 23, 2008

financed? Trying to buy a house owner financed for 3 years and someone mentioned there was a tax on the balance owed to the seller. Is this correct?

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Answers

1
No that doesnt seem right. There would not be a tax on the buyer. And as far as the seller there tax burden would be based more on what they bought it for, what they sold it for and what the financed amount is as well as the interest they collected. The seller should seek the advice of a cpa for tax advise. There should be no added fees to the buyer. good luck Jack with your purchase.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Sat Aug 23, 2008
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