Repossession and property tax

[Vargas]

If a property is repossessed and sold are any outstanding property taxes cleared with the sale?

 

[Forumuser]

The new owner is liable for all outstanding tax.

 

[Brendan Burgess]

The bank repossesses a property with an outstanding mortgage of say €400k
The bank sells the property for €300k to Johnny.
The bank will have to clear the €900 of unpaid property taxes before Johnny buys it.
The borrower will now owe the bank €400,900 + costs - €300k.

Of course, the bank might not be able to reclaim it from the borrower.

 

[Vargas]

So will any outstanding property tax be cleared and paid by the new owner?

 

[Raging Bull]

Property Tax is cleared by the Banks Solicitor...depending on or if a shortfall they may chase you for it

 

[Brendan Burgess]

So will any outstanding property tax be cleared and paid by the new owner?

No.
The seller must get a certificate that the LPT is paid up to date before the buyer's solicitor will allow him to buy the house.
So the bank will have to pay it if they want to sell it.
You will owe it to the bank

Brendan