What are the risk of

[stugotsms]

buying a resale condo that has not had its taxes assesed yet? I'm on the hook for the 1.5 years of unpaid taxes? Do I have any recourse?

Thanks

 

[stugotsms]

The tax status of your property should have verified by real estate lawyer.

You can make a stink with your lawyer. You should also check your contract with the vendor. There should be a standard clause in there about the vendor being responsible for property taxes, utilities, etc. up to the date of closing.

Good point.

Thanks

 

[zydeco]

Sounds like you might have bought a relatively new property where the property taxes had not yet been assessed. If that's the case your agent should have included a clause providing for a reasonable hold-back to cover the potential tax liability. However, even if such a provision was not included, the standard Agreement of Puchase and Sale includes language which would require the Seller to re-adjust to cover the unpaid taxes for the period of time that he/she owned the property - collecting from them, however, is an entirely different story. Best bet is to speak with your lawyer about the matter ASAP. Good Luck.