Most folks have a Mortgage on their property so..... Even if the house is mostly paid for the BANK can still take ownership through foreclosure if the owner fails to pay the mortgage payments. OK SON, so what if my property is paid for with no outstanding home equity loans or Mortgage's ? Well , you still have to pay your property taxes (that notice you just got in the mail) or.... You will have a Tax Lien placed on your property which will mean you cannot sell the property without paying this lien and may lose the property entirely after a certain period by state authorized auction of your property. Also, If you belong to a homeowners association you can have a lien placed against your property for failing to pay special assessments. Joining the "association" is not typically an option. So at most you own the "right to keep or sell" the property but I would say that you never truly own it because you must continue to pay tribute in the form of property taxes even if you paid millions of dollars for the property or it can be taken away from you. I call that RENT. The state calls it property taxes. Unless that's your understanding of what it means to own property. A lot of civil workers are counting on that being your understanding. So if you just need a place to live and are not interested in property for tax reasons or for the desire to make a profit by buying, selling or renting property you may be better off renting.
