Things to Know Before Selling a House with a Lien |
Posted: August 19, 2018 |
A lien is actually a public record filed with a county records office for real property. Specifically, on real estate, liens are a common process which is used by creditors to collect what they are owed. When it comes to selling a house, it is already quite a complicated process, and when you are to sell one with a lien on it, it might complicate the process more for the seller. Knowing some things before selling a house with a lien on it can make your home selling experience easier. Things to Know: 1. Mortgage Liens/Voluntary Liens: 2. Other Lien Types/Involuntary Liens: A lien may even be placed against you if you have not paid off your utility bills or in the case of you owing to any professional workers like contractors/electricians who may have committed their time and skills on your home. Sometimes, people are not even aware of these involuntary liens. And they could be associated with taxes, court rulings, child support, and other outstanding debts. It is therefore important to keep a check on whether you have any liens and then the must be released. Some contractors often evaluate a lien on a property and do not release it even once it has been paid off. So it is the responsibility of the seller to ensure that the lien is valid or otherwise attempt to get it released. 3. Probable Sale Issues: You must have the lien released as quickly as you can. You should pay the debt off before you sell your home if possible. Pay all the back taxes if that is what you have the liens for. And once your lien has been released, ensure that it is mentioned on a letter for you.
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