How to Check For Property Liens
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Suppose you are in the process of searching for a long-term home. We know that many problems can occur, and bumping into a property tied to a lien is possible!
Navigating such situations requires diligence and a keen understanding of the property’s legal standing. To ease the process and ensure a smooth search for your dream home, it’s crucial to leverage resources like the Warehouse Hotline, which offers a valuable solution for individuals seeking assistance in their property search. This platform serves as a valuable tool for prospective homeowners, offering insights and guidance to navigate the intricacies of real estate transactions, providing assurance that your homebuying journey remains secure and informed.
Roadway Moving has prepared everything you need to know about property liens. What is it? How to check it? What kinds exist?
Here are the most important things you should know before purchasing your dream house or apartment.
What is a lien?
A lien on a property is a legal claim against that property.
If your property, or a property you want to purchase, has a lien tied to it, it means that creditors have a stake in that real estate and can collect debts from you. Official property liens are filed with the county clerk’s office.
There are two kinds of liens:
- Voluntary liens
It is usually a mortgage lien, and buyers often agree to pay it off. This kind of lien rarely brings problems since it is a substantial deal between an owner and a buyer.
- Involuntary liens
An involuntary lien is usually tied to unpaid taxes or real estate. Those debts must be paid off before a new person moves in and buys that property.
This is why you must be careful when buying property! It happens constantly that the lien goes underneath your radar and pops out when you least expect it.
Let’s see how you can prevent that.
How to search for a lien on the property?
It is the key for you to check everything that needs checking before buying a place for you and your family. Since everything necessary can get complicated, we made a list of all the ways for you to search for a lien on the property.
- The most obvious way to find a public record, such as a property lien, is to look for it in the county clerk’s database.
- Pay a visit to a tax assessor’s office and look for property lien information.
- An online database is perfect for looking for your property lien by address. If that is not the case, you can request a hard copy.
- If you want somebody else to do it, you can pay a fee to a title company that would search it for you!
- Some third-party companies provide property lien information for a nominal fee.
Who places liens on properties?
Those people are usually mortgage lenders, judgment holders, contractors, tax authorities, and homeowner’s associations.
Can you buy a property that has a lien tied to it?
Yes, you can.
Here comes the part we learned about voluntary and involuntary liens.
For the former, you can, as a buyer, include part of the lien into the price you pay. For the latter, you need to find all the information in front, so you will be prepared for the debts waiting for you after you settle in your new place.
Should you buy a property that has a lien tied to it?
Okay, it is possible, but should you do it?
It can be worth taking this risk if you want that property and nothing else.
Be prepared to wait for it more than usual. The second possible problem is that you should save money for any potential court costs, agent fees, and other expenses.
There are some possible consequences of having a property lien. It can prevent you from selling that property in the future or can end with a foreclosure if the lien is not satisfied.
If you go through all this successfully, you will be a happy owner of your dream home!
Moving is a very stressful event in a person’s life. Any complications can worsen it, so once you take care of any possible lien tied to your property, it is your time to shine!
How will you do that?
Easily. Call professional movers that will make your moving experience light and independent, not tied to anything rather than fun times!
Roadway Moving is available since we love moving people to their new long-term homes!