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My wife and I are doing a 3 yr land contract, but apparently it’s showing up that the taxes we’ve been paying towards the house to our landlord haven’t been paid for 3 yrs. Will this effect my wife and I on purchasing another house? Do we have to wait until the taxes get transferred into the sellers name?
It’s showing that the taxes are in our name,even though we’re on a land contract temperarly. The land lord is on the deed.

1 Thought on Does unpaid taxes on a temporary landcontract effect another purchase on another house?
  1. Reply
    loanmasterone
    February 6, 2013 at 11:47 pm

    On a land contract the seller is normally the owner of the property until you complete the financial responsibility of the land contract and the property is transferred to your name.

    Since the property is still in the name of the seller (current owner) the taxes and insurance are not in your name. Since these items are not in your name, there would be no negative consequences to you, in any way if the taxes are not paid.

    Failure of the owner to pay the taxes could cause the property to be foreclosed on by the county, thus placing you in a position of being evicted.

    Your landlord and the seller should be the same person, unless you are purchasing this property on a land contract from a middle person with interest in the property. This is sometimes done through a person that is an investor.

    This is and could be a complicated transaction if you are not sure who actually own the property and what interest the person have in the property that you are paying.

    You would not be prevented from the purchase of any property or any other items you would like to purchase.

    I hope this has been of some benefit to you, good luck.

    “FIGHT ON”

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