Mom could lose home because of unexpected taxes

[BornRuff]

I think Edmonton has a tax deferral program. Taxes deferred are paid upon sale of the house. Not sure how it works though.

That is a pretty cool solution. Makes a lot of sense. A quick google seems to indicate that Toronto has a program for that too.

 

[Goober]

That is a pretty cool solution. Makes a lot of sense. A quick google seems to indicate that Toronto has a program for that too.

Yep- It keeps those on limited incomes in their homes. As it should be.

 

[gerryh]

It's called due diligence. Something she obviously didn't do when she was looking to buy.

 

[BornRuff]

Full disclosure would finally rest with her own lawyer would it not.

I honestly don't know what the legal side of that would be. I just know that we always made sure we had an accurate property tax figure because we have to take that into account when determining if they have the ability to pay back the loan.

 

[Goober]

It's called due diligence. Something she obviously didn't do when she was looking to buy.

That is why we hire a lawyer is it not.

 

[karrie]

Yep- It keeps those on limited incomes in their homes. As it should be.

Until your tax bill exceeds your equity.

That is why we hire a lawyer is it not.

Yes, and realtors. It's a huge amount of money being spent AS due diligence. They're supposed to have your back and keep you informed.

 

[SLM]

Due diligence should be covered by the hiring of professionals. Had she gone into this without a realtor and lawyer, then the emphasis would be entirely on her to thoroughly research and investigate the entire process. It's wise to educate yourself to the point, at least, of understanding what the process involves. But similar to hiring an inspector, if he goes into the attic and I inquire if the insulation is adequate, that doesn't excuse him from not mentioning a gaping hole in the roof.

We enlist these professionals in order to cover the bases that we know we don't know enough about to do it ourselves.