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Joe & Mary own Blackacre Farm. They agree to sell it to Timothy, the farm worker, for $785,000.00 Dollars. Timothy, because he trusts Joe &
Joe & Mary own Blackacre Farm. They agree to sell it to Timothy, the farm worker, for $785,000.00 Dollars. Timothy, because he trusts Joe & Mary so much, doesn't know that they owe $1,550,000.00 Dollars in unpaid taxes and a mortgage to a bank.
QUESTION: If Timothy accepts the Deed and the transfer is completed, who will be responsible for paying the $1,550,000.00 in unpaid taxes and outstanding mortgage? Do you agree that debts, like mortgages, (and unpaid-taxes) should travel with the land to a new buyer/owner? If not, why? Explain.
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