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Old 10-15-2010, 08:09 AM
 
Location: Grosse Ile Michigan
30,708 posts, read 79,810,729 times
Reputation: 39453

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By the way, when it is a tax sale, you buy it free of the tax lien, but subject to any other liens.
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Old 10-15-2010, 08:13 AM
 
Location: Grosse Ile Michigan
30,708 posts, read 79,810,729 times
Reputation: 39453
Quote:
Originally Posted by malamute View Post
If you buy an abandoned property, could you get sued if someone got hurt on it?

I would form a corporation to buy the property, or transfer it to a corporation right away. If you maintain the corporate seperateness, that will give you at least some protection from liability.

Frankly, I would probably forma corporation that is owned by a Delaware corporation, which in turn is owned by a Nevada LLC which in turn is owned by a trust in Mexico. Put several layers between your personal assets and the property ownership. Protecting from liability is one of the primary purposes of incorporating.
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Old 10-15-2010, 07:05 PM
 
Location: North of Canada, but not the Arctic
21,139 posts, read 19,714,475 times
Reputation: 25655
^True. It's a shame that entrepreneurs have to go through so many hurdles and precautions to do business in this city, state, and country. Meanwhile, in China, a person can go into business with relative ease.

WAKE UP, AMERICA!
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Old 02-20-2011, 02:18 PM
 
3 posts, read 4,184 times
Reputation: 10
Default warrenty deed

My realtor says if you buy a house and ask for a warrenty deed then you are forgiven for back taxes
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Old 09-19-2012, 08:29 PM
 
Location: Macao
16,259 posts, read 43,195,107 times
Reputation: 10258
*sigh*...just looking at the possibility of abandoned buildings.....and what a person might be able to do with them.

Looks like not much if there are high backtaxes, plus people could sue you as an owner of them, if anyone got hurt there, who wasn't suppose to be there.

Not a good situation.
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Old 09-21-2012, 09:11 AM
 
Location: Livonia,MI
272 posts, read 724,254 times
Reputation: 196
It would be nice to see more old buildings saved. I'm not talking all of them. But those with the great architecture and historical value. That's the one thing I noticed when I lived in NC near Raleigh. No many old buildings. Most seem to be torn down to make way for new. Same way in Charlotte. It takes away some of a cities personality.
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