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Law Pro
Law Pro, Lawyer
Category: Real Estate Law
Satisfied Customers: 24870
Experience:  20 years extensive experience in real estate law, foreclosure, finance, and landlord tenant law.
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Tax Lien

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I went into the county online system to check for tax liens; I have one under my name from the IRS for taxes. Does this mean that my home has a tax lien or does the exact address or lot have to be included in the tax lien?

Hi! My name is XXXXX XXXXX I'll be the attorney assisting you.

No, they don't have to state the specific property - all property of yours of record is encumbered by the lien.

As to an IRS or Federal Tax lien - if they have filed the Notice of Federal Tax Lien then - at the time the notice is filed, public notice is deemed to have been given to the third parties (especially the taxpayer's other creditors, etc.) that the Internal Revenue Service has a claim against all property owned by the taxpayer as of the assessment date (which is generally prior to the date the NFTL is filed), and to all property acquired by the taxpayer after the assessment date (as noted above, the lien attaches to all of a taxpayer's property such as homes, land and vehicles and to all of a taxpayer's rights to property such as promissory notes or accounts receivable).

To "perfect" the tax lien (to create a priority right) against persons other than the taxpayer (such as competing creditors), the government generally must file the NFTL in the records of the county or state where the property is located.,

The general rule is that where two or more creditors have competing liens against the same property, the creditor whose lien was perfected at the earlier time takes priority over the creditor whose lien was perfected at a later time (there are exceptions to this rule).

Thus, if the government (which is treated as a "creditor" with respect to unpaid taxes) properly files a Notice of Federal Tax Lien (NFTL) before another creditor can perfect its own lien, the tax lien will often take priority over the other lien. To "perfect" the tax lien (to create a priority right) against persons other than the taxpayer (such as competing creditors), the government generally must file the NFTL in the records of the county or state where the property is located.

Although the federal tax lien is effective against the taxpayer on the assessment date, the priority right against third party creditors arises at a later time: the date the NFTL is filed.
Customer: replied 4 years ago.

Im trying to do an Owner Finance with my home but working out a payment plan with the IRS for some 1040's; there is a lien on the county from them..can I sell the property owner finance?

The realtor is telling me to do a title search?


Yes, you could do an owner finance - then the tax liens aren't relavant.

The tax liens are only relavant in coventional financing situations - a bank mortgage or bank refinance.

But you can do an owner finance and sell the property - no problem.
Customer: replied 4 years ago.

Are we obligated to inform the buyer? Will we need to record the deed?

Yes, you should inform the buyer. No, you don't necessarily have to record a deed in a contract for deed situation.

You can wait till they fulfill their payment obligations before you file a deed.

A 'land contract' (sometimes known as a “contract for deed,” "agreement for deed," "land installment contract" or an “installment sale agreement”) is a contract between a seller and buyer of real property in which the seller provides financing to buyer to purchase the property for an agreed-upon purchase price and the buyer repays the loan in installments. Under a land contract, the seller retains the legal title to the property, while permitting the buyer to take possession of it for most purposes other than legal ownership. The sale price is typically paid in periodic installments, often with a balloon payment at the end to make the timelength of payments shorter than a corresponding fully amortized loan without a final balloon payment. When the full purchase price has been paid including any interest, the seller is obligated to convey legal title to the property to the buyer. An initial down payment from the buyer to the seller is usually also required by a land contract. The legal status of land contracts varies from region to region.[Wikipedia]
Customer: replied 4 years ago.

what type of attorney do you recommend for this? I feel my realtor does not know 100%...what should I do to protect myself


Last question..tahnks


Local real estate attorney. If you don't know one - go to some small local bank and ask them who they use for their real estate transactions - then contact them.

You don't want some large bank because they usually use large lawfirms or have in-house counsel which wouldn't be in your best interests.
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