I am trying to buy a property that is vacant. The owners moved out when they filed bankruptcy 8 years ago and has been empty since then. I just found out there is a 148k and a 60k mortgage lien on the property. If I can get the owner to quit claim it to me, am I legally responsible for the liens? And can I rent/sell the property?
The term property refers to things a person can own or possess. There are two types: real property (real estate) and personal property (everything else).
There are several real estate documents that may be required when buying or selling property, including a purchase agreement, property disclosure and deed.