Why It's Important To Do A Lien Search Before Buying A New Piece Of Property
Are you looking to buy a new piece of property in the near future? If you are buying it directly from the seller and not through the seller's real estate agent, you might want to do some extra due diligence to make sure you are getting what you think you are. Beyond scheduling inspections for the property, you might also want to conduct a property lien search. Here's what this entails and why it's a good idea to complete this step before making an offer on the property.
A Lien Is Placed on a Property When There Are Tax or Other Issues
The government can place a lien on a property if the previous owner has failed to pay property taxes. There are also other scenarios where this could happen, such as if there is a court case or pending legal dispute. When there is a lien on the property, you may not be able to legally purchase the house until the liens are taken care of or removed. Depending on the lien, the private seller you are trying to buy from might not even be the current legal owner of the house and might not have the right to sell the property to you.
Buying a House or Piece of Property With a Lien On It Could Leave You in a Bad Situation
You don't want to hand the private seller a check for the property, watch them drive away, and then find out that you actually don't legally own the house because the seller you purchased from did not have the right to sell the property because of the lien. You'll be left trying to track the seller down or otherwise will have to work to get the liens removed, and it's possible you could waste or lose additional money in this process.
A Lien Search That Comes Back Clean Gives You Peace of Mind
When you do a property lien search and it comes back clear, you can move forward knowing that the buyer is not hiding anything from you. Conversely, finding a lien won't just create a problem that needs to be dealt with before you can buy. Rather, it also raises the question of what else might the private seller be hiding from you. Conduct a property lien search early on in the process when you become interested in buying and you'll hopefully get an all clear and be on the path towards picking up the real estate you want.
Contact a company that offers lien search services to learn more.
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