Comments on: Rental Property Example

By: admin

admin — Sun, 31 Jul 2011 19:39:09 +0000

I was fortunate to never have experience with an IRS lien. I would suggest contacting the IRS first and then a tax attorney.

By: diana

diana — Sun, 31 Jul 2011 18:56:28 +0000

I owner financed my property to a couple. They did not pay so i had to do a forclosure. Now i have a buyer who has their own financing, going through the title work and it shows the irs has a 2 liens from the people i owner financed to for not paying their taxes. can the irs do that when the couple never owned the property. It is mine. the property is only worth $55,00.00 and they owe the irs $230,000.00. Now i dont have a clear title and am a bout to lose my buyers.
Thanks for any help you can give me
Diana

By: admin

admin — Tue, 28 Jun 2011 18:36:00 +0000

I am not totally up to date on tax law. What I remember is that in most cases your recorded lien would be ahead of anyone else, even the IRS. If you think about it, even banks would be reluctant to make loans if the IRS could always jump in front. Make sure the attorney who prepares your documents provides you will the final answer to your question.

By: Patricia Blankenship

Patricia Blankenship — Wed, 22 Jun 2011 05:03:27 +0000

I have a question about Owner Finance. I own 5 (five) homes that are all clear Title. I rent these homes out. However, one of the homes is in a different city, and I have been thinking of selling it Owner Finance. Here’s my question: What if after a few years, on Owner Financing, the Buyer can’t pay their Govt Personal Taxes. Can the Govt put a lien on a Owner Financed home? I would go through an Escrow Title Company to make sure their payments are recorded every month. And since it is recorded at the Court house, the Govt will search for property the buyers own and put a lien on it, don’t they? if this is true, it would be a big risk to do Owner Financing. Thanks, let me know. Patricia