Posted on: 11th Aug, 2009 02:22 pm
OK THIS IS MY FIRST TIME BUYING A HOME, AND I'M THINKING ABOUT BUYING THE DEAN GARDENS ESTATE IN ATLANTA. THE PRICE FOR THE ESTATE IS $13,900,000.00. AND I WANTED TO BUY IT STRAIGHT OUT.WILL I STILL HAVE TO PAY THE MORTGAGE ON IT???AND HOW DO I GO ABOUT WITH THE PROPERTY TAXES
mixxed_barbie07
Ifyou pay full cahs, you will not have any mortgage
You will need to pay Property taxes and check with county acessor about the taxes
Good luck and feel free to ask
Ifyou pay full cahs, you will not have any mortgage
You will need to pay Property taxes and check with county acessor about the taxes
Good luck and feel free to ask
To barbie,
If you buy the property paying the full price in cash, you are unlikely to pay for the mortgage on it. But you should check if the amount you're paying is enough to pay off the mortgage i.e. if there will be any deficiency due to the mortgage. You should get it in writing that the mortgage will be paid off by the seller. Otherwise, if the mortgage is left unpaid the property could be foreclosed by the lender. As far as the property taxes are concerned, once you become the owner of the property you'll have to pay the taxes. But you should check if there are any back taxes on the property and if the seller will pay for it or you have to pay them off.
If you buy the property paying the full price in cash, you are unlikely to pay for the mortgage on it. But you should check if the amount you're paying is enough to pay off the mortgage i.e. if there will be any deficiency due to the mortgage. You should get it in writing that the mortgage will be paid off by the seller. Otherwise, if the mortgage is left unpaid the property could be foreclosed by the lender. As far as the property taxes are concerned, once you become the owner of the property you'll have to pay the taxes. But you should check if there are any back taxes on the property and if the seller will pay for it or you have to pay them off.
i think plan properly so that you will get benefit of taxrebet