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Message
Real Estate Property Tax Lien Info
Posted on 6/21/20 at 12:31 pm
Posted on 6/21/20 at 12:31 pm
I would appreciate some info from the real estate guys in here that may have dealt with a similar situation.
Quick summary, my wife and I found a property/home near our current one that we love, and contacted the owners to see if they had any interest in selling. They were interested, and we negotiated a price, closing date for this spring, etc. This was late last year to allow them time to get things in order since they didn't have it on the market.
We were told in early January for the first time that there was a tax lien on the property - it was an inheritance property and related to the prior owners (his relatives) business.
We are now months past the proposed closing date. Nothing official from a legal document standpoint has ever been signed, so we can back out with literally zero consequence. However, we want the property.
They are apparently negotiating/fighting the lien with the IRS and do not have a definitive timeline, especially in this current environment.
Long background story to ask a simple quesiton. Is there any way for us to find out the amount of this lien? If so, what info would we need?
I'm willing to give this a little more time depending...but if I find out he's holding out for some relatively small amount he should just pay off and move on, I'm more likely to eject from this deal. Much more likely.
Quick summary, my wife and I found a property/home near our current one that we love, and contacted the owners to see if they had any interest in selling. They were interested, and we negotiated a price, closing date for this spring, etc. This was late last year to allow them time to get things in order since they didn't have it on the market.
We were told in early January for the first time that there was a tax lien on the property - it was an inheritance property and related to the prior owners (his relatives) business.
We are now months past the proposed closing date. Nothing official from a legal document standpoint has ever been signed, so we can back out with literally zero consequence. However, we want the property.
They are apparently negotiating/fighting the lien with the IRS and do not have a definitive timeline, especially in this current environment.
Long background story to ask a simple quesiton. Is there any way for us to find out the amount of this lien? If so, what info would we need?
I'm willing to give this a little more time depending...but if I find out he's holding out for some relatively small amount he should just pay off and move on, I'm more likely to eject from this deal. Much more likely.
3
Posted on 6/21/20 at 12:46 pm to NOMT
quote:
Is there any way for us to find out the amount of this lien?
Ask them the amount of the lien.
Posted on 6/21/20 at 12:50 pm to WPBTiger
Touché. Maybe I should have added "without directly asking".
That approach was already attempted and did not work.
That approach was already attempted and did not work.
Posted on 6/21/20 at 1:22 pm to NOMT
I don't see anything wrong with you reaching out to find out info yourself.
Tell the lien holder you are a prospective buyer and need info to make sure it is satisfied by the seller
Or, go to your county probate office and search for the filed lien documents that will have everything in it
Tell the lien holder you are a prospective buyer and need info to make sure it is satisfied by the seller
Or, go to your county probate office and search for the filed lien documents that will have everything in it
Posted on 6/21/20 at 2:21 pm to NOMT
quote:
Touché. Maybe I should have added "without directly asking".
It'll be filed at the Clerk of Courts and is public knowledge. You can go pull the information and may be able to do so online.
This post was edited on 6/22/20 at 10:09 am
Posted on 6/21/20 at 2:28 pm to NOMT
Excellent. Thank you.
Posted on 6/21/20 at 2:55 pm to NOMT
You will see the face value from public records. A few things to keep in mind: it could have paid down some or it could be higher with interest running. But you will at least get an idea from the face of the document itself what they are working from. I would assume from experience that if it was inherited and the tax lien is from a previous owner that the previous owner probably wasn't paying on it.
This post was edited on 6/21/20 at 2:56 pm
Posted on 6/21/20 at 3:32 pm to NOMT
Are you sure it’s a property tax lien and not an IRS lien?
Posted on 6/22/20 at 11:06 am to LSU1018
This ^
I'm not saying that it isnt an income tax lien.
But I've never seen one on a property. And I've seen some crazy liens.
They almost always are property taxes
I'm not saying that it isnt an income tax lien.
But I've never seen one on a property. And I've seen some crazy liens.
They almost always are property taxes
Posted on 6/22/20 at 11:13 am to meansonny
yeah a property tax lien is done thru the local tax collector, usually the sheriff...not the IRS.
there is no federal residential property tax.
after i paid my house off a few years ago, and after 25 years of throwing the property tax statement away when i got it (escrow), i forgot i had to pay them directly now. two months later i got a lien notice from TPSO
puckered me a bit
there is no federal residential property tax.
after i paid my house off a few years ago, and after 25 years of throwing the property tax statement away when i got it (escrow), i forgot i had to pay them directly now. two months later i got a lien notice from TPSO
puckered me a bit
Posted on 6/22/20 at 3:59 pm to meansonny
quote:
I'm not saying that it isnt an income tax lien.
But I've never seen one on a property. And I've seen some crazy liens.
IRS will issue liens that attach to all property. It is called a notice of federal tax lien. This absolutely includes real property. It is filed down at the county/parish courthouse.
IRS won't issue a lien unless the tax owed is greater than 10K, and in many cases, it's usually a good bit more than that before they file a lien. The lowest I've seen is for around 30K. (as another poster said, it's possible the actual amount due is less, if some has been paid off, they don't re-issue the liens every time the amount changes).
We would need to get the advice of a tax attorney, but I don't think an IRS property lien dies when the taxpayer dies.
The good news is that the IRS will generally allow the sale to go through as long as they get paid. But it can take a while in the best of circumstances, with so much just starting to re-open, they are FAR behind.
Posted on 6/22/20 at 4:09 pm to NOMT
I'm assuming they are opposed to paying the Lien once the property is sold OP? So in other words, they don't want to sell this property until they get it worked out most likely?
Also, if you asked them directly I'd bet money its likely a lien on their own behalf and not from whoever they inherited it from or else why would they not share the information? Most people aren't that embarrassed over what foolish mistakes their mother made, but are about their own mistakes.
Also, if you asked them directly I'd bet money its likely a lien on their own behalf and not from whoever they inherited it from or else why would they not share the information? Most people aren't that embarrassed over what foolish mistakes their mother made, but are about their own mistakes.
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