Buying or Selling a Home/Deed Transfer and Taxes

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Expert: - 11/2/2007


Question
Follow up from previous question: What can I do to make sure my brother pays the property taxes before I return the Deed back to him? (The Deed was in my name until my brother repays me for keeping the property from going into foreclosure.) I have a signed loan contract, and he is getting close to paying the loan off, but it didn't include anything about payment of taxes. (taxes are due for 2006, and 2007)

Answer
Hey, George.

Your best option is probably not to transfer the Deed back to him until property taxes are paid. That, of course, leaves you open to having to pay the property taxes yourself. More paperwork probably is in order to ensure that taxes are paid. Perhaps you could pay them and extend the loan amount and payback time for your brother.

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Russel Ray

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Through home inspections, I provide an education about real estate. I'm one of those rare home inspectors who has been involved in real estate in many different capacities: as a Realtor (in Texas), as a property investor/flipper, as a teacher, and as a marketing expert (for Realtors and home inspectors). I believe that my experience as a Realtor and property investor provides me with a different viewpoint about home inspections in that I work for my Clients, but when there are other people involved in helping my Clients, then I firmly believe in helping them, too. That includes Realtors (both the seller's and the buyer's), repair professionals (e.g., plumbers, electricians, etc.). If I can get all the players (seller, seller's Realtor, buyer, buyer's Realtor, and repair professionals) playing in the same sandbox together to accomplish goals as a TEAM (Together Everyone Accomplishes More), then I believe I have succeeded in my job as a home inspector. My profession is, in my opinion, much more than simply documenting the condition of a property and then take the money and run. I am also a rare breed in that I don't believe that one inspection fits the needs of all Clients, and I have led the industry in understanding that fact. For example, the goals of a property investor are far different than the goals of someone buying a property to live in. The goals of a seller (a pre-listing inspection) are far different than the goals of a buyer (a pre-purchase inspection). To that end, I offer 14 different types of inspections, e.g., STANDARD, LIST, RENTER, BASIC, MAINTENANCE, SPOT, and more. I believe in giving the benefit of the doubt to all professionals in whatever industry they represent until they prove me wrong.

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Over 42 years in all aspects of real estate--building homes, renovating homes, inspecting homes, Realtor.

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National Association of Certified Home Inspector, Better Business Bureau of San Diego

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Graduate of Texas A&M University; College Station, Texas

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