Judgement?
I have a judgement against mefor 8k. I am trying to sell my property and I want to know if this will have to be paid at closing. It is not listed as a lien against my property but I was told that it would have to be paid. ANyone with any insight please let me know.
Yes it will have to paid before you can sell the property. When they search to title It will be discovered and the judgement will be paid at the closing. If you considering selling your property I suggest you contact the person or company with the judgement against you and offer to reach a settlement for payment and work it out there. Do Not let them know you are about to sell or they will hold out for FULL price and wait for you to close to get their $$$
Even though its not listed as a lien it will stil have to be paid? There is nothing against the property. Are you positive?
I am no expert on this.
If there is a judgement, until it is turned into a lien I do not think the judgement has to be paid off prior to the sale.
When borrowing you will have problems.
If the entity holding the judgement wants to lien the property and they do so prior to the sale completing then you will be forced to pay.
The suggestion that you try to agree a settlement (at a discount) is a good one.
John
Nice to see you lumanchu,
If is not listed as a lien against the property then, as far as I know, the judgement need not to be paid out of escrow. Your title is clean.
the titile company will do a judgement and lien search against your name and social security number. all liens and judgements must be satisfied at or before closing in order to transfer clean title and get title insurance.
When you sell a property someones orders a property report. This form would contain Seller's and buyer's information:
name, address,phone number, social security number. In Pa a 60 year search is required on property by most banks. The title insurance company requires a search be done on the seller for the following reason, They are issueing a free and clear tiltle to the mortgage company with lender's coverage and the new owner would have buyer's coverage
Where people get lucky if you want to call it that is
1) jugement out of county of property
2) searcher doesn't do work correctly.
I have seen people sign same name affidafitt's and get away with it but when you buy another house it will catch up with you
Lori
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This is a cash deal, so it is going to be a quick close. The title search is being done now. So what you all are saying is that no matter what Im onna have to pay this? Please post more replies
Not that it makes any difference but what are the details of this judgment? How old is it, maybe they are filing the lien now. Is there a problem offering to clear up the judgment? It is my experience that Judgments can usually be settled for much less that the actual amount.
Even if it is a cash deal the seller would want title insurance. That is the only he is protected. I just seen these happen in Phila, Pa. The seller sold to a customer a house for $1000.00 It had a big hole in the roof, He told him that was why. The buyer recorded the deed, fixed up the house, got tenants to move in, went to sell the house, And A $150,000.00 judgement was found in the title search. The new buyers were taking out a mtg. and the lein came up on the old owner, it was not on the house, but because the new owner had no coverage the title company couldn't show free and clear title. But of all the closing I've attended the closing attorney made the seller sign a paper saying there were no liens on them. When someone said yes in a closing the agent wouldn't close until they found out the exact nature of the lien or judgement. So be careful, if you sign something to this effect.
Hope this makes sense
Lori
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