Asked by Philly.phan, Springfield, NJ • Wed Jul 11, 2012
My parents always lived with my fathers parents. 20 years ago my grandfather passed away so the house went to my parents. My father lost his business and now needs to sell his house. He has already gone at least 50k under market value. He was not aware of a lien for inheritance tax on the house. It is about 15k which my father does not have and was told he needed to go to settlement. He is being told (threatened from the buyer) that he will be sued if he doesn't "come up" with the 15k. My parents are 70 years old, have no way to get this money. Can they be sued if they can't complete the settlement/closing transaction? This lien just came to light 3 days before settlement.
Real Estate in Springfield
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