I am looking to create a note to sell a property. $80,000 @ 7% for 15 years. When you do this, who usually pays the taxes me or the buyer? I have this in my name and I need to transfer to my LLC, what is the best way to do this?
leal705,
A little clarification, please. If I understand correctly, you are the seller of a property? Ownership is being transferred to the buyer?
The property taxes will be prorated to the closing date. You will be charged daily taxes up to that date. The buyer will be credited with what you owe, so the buyer can pay the taxes when due. Your escrow or closing agent will probably pay the taxes now since they are due.
You also wanted to know how to transfer a carry-back note to your LLC. Maybe if you ask this question in “Asset Protection, Legal” you can get an expert answer.
Furnishedowner