What is the responsibility of the purchaser after receiving the timely notice of a possible claim and claim amount from the Division?
A. The purchaser or the purchaser’s escrow agent, if any, must hold in escrow the amount claimed. Neither the seller nor any agent of the seller, may hold the escrow, because the purchaser loses control and could be held accountable for unpaid demands by the Division. If the purchaser or his agent do not hold the escrow as instructed by the Division, the purchaser may be liable for the seller’s tax obligations.
Related Questions
- What is the responsibility of the purchaser if the Division fails to timely notify the purchaser of the possible claim and escrow amount requirement?
- Is it possible for a landlord to limit responsibility for crimes committed by complete strangers on his / her rental property?
- What is the responsibility of the Division once it receives the C-9600 form notice from the purchaser?
