Posted by michaela-CA on March 19, 2008 at 10:12:02:
Lori,
it depends on how you structured your contracts (buying and selling).
If you buy with ‘title free and clear’ then any liens, taxes will be paid out of the seller’s portion of proceeds.
If you were to buy with the seller walking away with a certain portion of cash ($ 5,000 net to seller or similar) then you will take care of any liens and the seller will walk away with $ 5,000 above those liens.
When you sell it again depends on your contract.
Michaela