12-11-2006, 09:20 PM
| | Sellers financial obligation
I purchased a property including a house and 7 acres. The previous owner contracted to sell timber from
his land as he was needing money. He was paid by the lumber mill for a certain amount of timber, some of
which was taken. He told the lumber company that once the house sells the new owners would assume
financial obligations to pay back funds to the lumber mill. They did take some lumber from the property,
but vacated the property before taking what was contracted, knowing the seller was near foreclosure.
We as buyers refused to take on this financial responsiblity and proceeded to closing. Closing was
finalized, no clouds, and clear title was issued. Now 8 months after closing the lumber mill is demanding
their money from me. Since I did not enter into any contract with the lumber mill, are there any
obligations on my part, or since the closing was completed is this matter closed?