A Question Just Pop Up....
A question just pop up in my head and i wanted to get the answer. What if i tie up a deal and began the title work and next thing i know at closing their is a outstanding lien on the property. What should i do ?
Or lets say i have a property under contract and a week before closing i found out their was other liens on the property can i renegotiate the price? if so does that mean i have to write another purchase agreement?
In my opinion it is best to do a title search yourself for free on the internet. It takes just a few minutes for each property. I do this before I ever meet with the seller. I try to know as much about the seller as I can so when we talk I can gear the sales pitch to their needs.
So far I have never found a lien that I didn't know about beforehand but I do always get titlework done before I buy a house, but only to double-check my own work and to insure the property's title.
Whats the web site you go to? and what do you look for when you a search just tax liens or more?
When I purchase property, I always begin my search on the Internet at the assessor's office and the recorder of deeds web site. This site also has the liens and unpaid taxes on it.
Before I make an offer I always do a quick search at the courthouse to make sure there isn't any liens or little surprises.
When I meet with the seller, I ALWAYS ask if there are any liens or encumbrances on the title. Then when I place the property under contract I have added " contingent upon a clear title without encumbrances" (the deal below had no mortgages) This way if their is a lien, then I have an out.
On a property I wholesaled, I did the research but a lien was recorded on it after I had done the initial search at the court. The title CO found this lien and called me.
In turn I called my seller. Ultimately I bought the property with the lien holder at the closing table. Lien holder signed a release and was paid out of the seller's pocket.
I paid the $ amount for the property I wanted, the lien holder was paid and the seller didn't walk away with as much as he originally thought.
Thanks for your reply it was helpful...