0
What happens to the lien when you buy a house with a lien on it?
Wiki User
∙ 15y ago
What do you mean? Did you purchase a home that has a lien on it? If so, you do not have a clear title to your home and the lien holder can take posession of your property. A lien should be paid off prior to completing a sale of a property. Good Luck
Wiki User
∙ 17y ago
Wiki User
∙ 15y agoThe lien will remain on the property until you pay it or until the statute of limitations for that particular type of lien has passed. Property tax liens do not expire.
That is a main reason why anyone who purchases real property should be represented by an attorney and should have the title examined by a professional. Liens and other encumbrances should be addressed at the closing so the new owner acquires the property with a clear title. The buyer's attorney will make certain that the liens are paid off before the proceeds are handed over to the seller.
Wiki User
∙ 12y agoYou need to pay the lien. A prudent buyer has the title examined before purchase. That way, liens are disclosed and the seller must pay them out of the proceeds of the sale. Then the buyer takes title free and clear of liens.
You need to pay the lien. A prudent buyer has the title examined before purchase. That way, liens are disclosed and the seller must pay them out of the proceeds of the sale. Then the buyer takes title free and clear of liens.
You need to pay the lien. A prudent buyer has the title examined before purchase. That way, liens are disclosed and the seller must pay them out of the proceeds of the sale. Then the buyer takes title free and clear of liens.
You need to pay the lien. A prudent buyer has the title examined before purchase. That way, liens are disclosed and the seller must pay them out of the proceeds of the sale. Then the buyer takes title free and clear of liens.
Wiki User
∙ 12y agoYou need to pay the lien. A prudent buyer has the title examined before purchase. That way, liens are disclosed and the seller must pay them out of the proceeds of the sale. Then the buyer takes title free and clear of liens.
Add your answer:
Earn +20 pts
What happens if you buy a house with a lien on it and you didnt know?
Whose responsible for the house payment= mortgagee or owner
What happens if there is a lien on my house?
It means that you can't sell your house without paying your bills.
House you want to buy has a lien?
The lien must be paid. The funds should come out of the seller's pocket.
What happens to a lien on a house after it expires?
The lain stays with the mortgage. And if the owner of the mortgage does not settle up with the lien holder that person cannot sell their house, car, boat or whatever the lien is on. They have to pay lien first or sell and before they get the money the amount of the lien will be deducted from total sell
What does is mean to have a lien on ones property and tenets?
A lien is a security interest in the property. A lien might arise from a loan. If you buy a car with the bank's money the bank will put a lien on the car. If you don't pay the bank back, it can foreclose on its lien and take the car from you. If you have a roofer add a new roof to your house, and you don't pay him, the laws allow the roofer to put a lien on your house. The roofer now has a stake in the house. If you don't pay off the lien your house can be forcibly put up for sale in order to satisfy the lien. I believe "property and tenets" translates into modern speak as "property and belongings".
Is it possible to buy a second house while a first house has a lien on it?
It will depend on the judgment of a lending insitution or mortage broker. The deciding point is going to be the strength of the lien holder, as well as your ability to handle repayments.
Can a house be built on a property with a lien without being encumbered by the existing lien?
No. Once a house is built it becomes an intrinsic part of the real estate. If the land has a lien on it the lien holder will get your house.
If your house is foreclosed on what happens if you get a personal lender and get a new house Can they put a lien on the new house?
Check the laws in your state, but NO, they cannot. Your old house secures the mortgage on THAT house. Nothing else.
What happens when the city puts a lien on your house for unpaid taxes?
Eventually the city will take possession of the property and sell it.
Can the bank put a lien on your house after a car repo?
Yes. They repo and sell it for next to nothing. They sue in court and get a jugement that they use to put a lien on your house. Next time buy a cheap car just to get you there and back.
If you have a lien placed on your house does this mean you can't refinance your mortgage OR buy a new home until that lien is removed?
The lien doesn't usually affect after-acquired property unless it's an income tax lien. You cannot mortgage, refinance or sell the property against which the lien was recorded. That is exactly the purpose of recording a lien in the land records.
What happens if a private investor places a lien on your home?
To get a lien he would have had to show a judge the he had a right to do so. You would have to owe him for goods or services. It would have to of been concerning the house. You borrowed money on it, had work done to it and did not pay as promised. If a judge agreed, you have a lien on it. I believe the lien is on the house not you. If you sell it, the lien stays with the house. It would most likely have to be paid before ownership was transferred. If the new owner did not research the deed, it would become his responsibility if he accepted ownership as is.
