About Eric Sexton Expertise All aspects of buying and selling homes including: General real estate questions, Contracts, Negotiations, surveys, title work and general questions about mortgages. I CAN NOT GIVE LEGAL ADVICE AND WILL NOT BE ABLE TO ANSWER QUESTIONS WHERE LEGAL ADVICE IS NECESSARY.
Experience
I have been a real estate agent for 6 years and a broker for 2 years.
Organizations National Association of REALTORS and Texas Association of REALTORS.
Expert: Eric Sexton Date: 10/12/2007 Subject: House ownership
Question QUESTION: I have heard if I buy a house in Texas, that for all intent the house will never be mine? What is meant by that? Is it true and what states can i buy a house that the land and house are mine and i don't have to keep paying taxes on the house?
ANSWER: Robert,
If you are purchasing property using a mortgage, the property is not technically yours until the mortgage is paid off. If you pay cash, the property is yours as soon as everyone signs the closing documents.
Everyone has property taxes to pay.
Eric
---------- FOLLOW-UP ----------
QUESTION: Are there any states that once you pay off the mortgage you are free and clear. And if one is paying property taxes could that be what people mean when they say "you never own a house bought in Texas"!
Thank you for answering previous question.
Robert
Answer Robert,
Once a mortgage is paid off (assuming no other legal complications are involving the property) your are "free and clear" except for taxes.
I can only imagine that if someone says "you never own a home" they might be referring to paying the property taxes.
