Legal Question in Real Estate Law in California
I bought a house 6 months ago. The previous owner had bought the place from a foreclosure auction, refurbished the house, and resold it to us as a standard sale. Today I received a letter from the California franchise tax board that the 2nd previous owner's (the one that got foreclosed on) LLC did not file their taxes. It states that some of the consequences is that they can seize the LLC property or place a tax lien on the LLC property.
Since this 2nd previous owner or the LLC was already foreclosed, and I'm the current owner after a standard sale with title insurance, can the CA FTB place a tax lien on my home or seize it? Or will they go after his new home? If I look up the LLC, the entity address shows my home address, and that's what worries me.
2 Answers from Attorneys
My suggestion would be to contact your title insurance company.
I agree. Report it as a claim against the title company. This is why you buy title insurance.
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