If you’re like many people, you’ve heard of liens against property – but you may not know how they can affect a real estate transaction.
Here’s what you need to know.
How Could a Lien Affect a Real Estate Deal?
When someone makes an offer on a home and enters into a real estate purchase contract, a title company will perform a search for liens against the property.
If a lien turns up, the transaction goes on hold. It has to stay on hold until the issue is resolved one way or another.
Mortgage companies won’t finance a property until the lien is satisfied. That means it has to be paid off. The responsible party is the person who currently owns the property – and in a case like this, it’s the seller. Your lender will put the transaction on hold until the seller handles the issue.
If you’re not using a mortgage, you’ll still have the option to buy the home – but beware. You’ll be on the hook for the unsettled amount because the lien will become yours. (It’s against the property, not the person from whom you bought the house. That means it conveys with the property, regardless of who owns it.)
Are You Selling or Buying a Home in Aspen?
If you’re ready to sell your home in Aspen, Woody Creek, Basalt, Carbondale or Snowmass, we may be able to help you.
Get in touch with us right now to find out how much your home is worth – and discover how we’ll be able to help you sell it quickly and for top dollar.
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