What happens if a buyer in Maryland sells their property without addressing the tax implications?

A buyer in Maryland who sells their property without addressing the tax implications may have to pay additional fees. This is particularly relevant in real estate transactions where taxes such as capital gains tax, property transfer tax, and any applicable local taxes come into play. When a property is sold, the seller is typically responsible for notifying the appropriate tax authorities and ensuring that all required fees and taxes related to the transaction are settled.

Failure to address these tax implications can lead to unexpected fees, as the seller may be liable for late payments, penalties, or interest on unpaid taxes. Additionally, not properly handling the tax situation can complicate future property transactions or result in a tax lien being placed on the property.

While the other options suggest potential consequences, they either exaggerate the outcomes or do not accurately represent the most immediate concern a seller would face in this scenario. Thus, having an understanding of the tax implications is crucial for any seller to prevent financial setbacks such as additional fees.