Q: Property Utility Bill, Violations, and property taxes are transferred to new owner or stays with last owner after sold?
I have a property in city of chicago with balance on Water Bill and my last two years taxes are sold (that is my property taxes are bought by some user which I need to pay) and it has some violations regarding repairing property.
So question is if I sell or transfer this property to any new owner then will all above mentioned Water Bill balance, Sold Taxes and Property violation also transferred to new owner or I will be responsible for any expenses?
A:
You are going to be responsible for these bills. As far as the property taxes, at closing, the closing agent is going to investigate if the property taxes have been paid. The proceeds from the sale will be used to pay the unpaid property taxes, and the property taxes will be pro-rated up to the day of the sale. This will be less money you will receive the proceeds of the sale.
As far as the water bill is concerned, it is probably in your name. The water company will seek reimbursement for the amount owed to them by your usage. If you move, the water company will have your file and probably want to be paid before they give you new service.
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