Consumption and Real Estate
current owner has NOT pay her property tax bill, will I be liable?
Question : current owner has NOT pay her property tax bill, will I be liable?
I am interested in a 500 sq feet condo in NJ. I found out the current owner has NOT pay her property tax bill since Dec 2008 (accumulated about $ 3000 with interest in back property taxes). Also for a small size condo like this, should I even get a home inspection, which might cost about $ 300 to 400? The current owner told me there is no need for a home inspection because the structure is sound for the entire building, which has 9 units of condo. If anyone body can give me some insight, thanks
home inspection nj
Best answer:
Answer by Royael
Seek advise from your attorney. Make sure that you are not contracted to buy the condo and the debt.
Cover your behind and have that place thoroughly inspected before you decide to purchase it. I would have the building inspected as well. There could be plumbing problems, old leaks , old wiring, all sorts of stuff. Don’t go into this thing blindly. Cover all the bases.
Inspect, appraise and talk with your attorney.
The property owner is not responsible for the taxes, the property is. If you buy the condo, do it through an escrow that calls for payment of all back taxes so you can get clear title. If you are not paying cash, the lender will demand this. A lender might also demand a home inspection. If the current owner recommends not having one, that means you should have one.