I am purchasing property from my grandmother but there is a $6,000 lein against the property. It has been 8 years now that the lein was on the property. Will i have to pay it and where can i find out more about th lein?
2006-07-11 12:56:57 · 4 answers · asked by nchmclean 1 in Business & Finance ➔ Other - Business & Finance
Your grandmother at some point, borrowed $6000 from somebody. There is a chance that it is all paid back, but you will have to look into it to figure it out.
What you want to do is go the the land titles office and order a copy of the actual instrument that is registered on title. Basically, that is a copy of the 'paperwork' that was used to register the lien.
Once you have that, you will need to go to the creditor to find out if it has been repaid. A lot of the time, debts/liens/mortgages/caveats get paid out, but the interest doesn't get removed. This is just a case of disorganization, and/or laziness of the lender.
Chances are, the debt is paid - otherwise the lender would have come at your grandma for their piece of the pie. You just need to find out who the lender is, and ask them that they discharge their interest.
Good luck!!
2006-07-11 16:00:26 · answer #1 · answered by juliaks 2 · 4⤊ 0⤋
Yes, the lien will have to be paid before title of the property can be transferred to you. Liens are placed by creditors or government agencies for monies owed like contractors for improvements or repairs or back property taxes. Your realtor should be able to provide you with further information.
2006-07-11 13:02:25 · answer #2 · answered by cptdrinian 4 · 0⤊ 0⤋
a enterprise can no longer placed a lien on your components with no courtroom judgment, till they are doing so in line with artwork performed on the valuables. this way of lien is referred to as, i've got faith, a mechanics lien, and could purely disguise the cost of exertions or supplies used to do artwork on your components. in case you have been sued and have misplaced, the creditor can ask the courtroom to place a lien against your components, this could incorporate your place or different issues like monetary enterprise debts. they are able to no longer try this till they have gained in courtroom and have given you the possibility to make cost on the judgment. they could besides the fact that attempt to threaten such action, besides the fact that in the event that they don't have the criminal suitable to attain this. in case you fall for the threat, they have not misplaced something. you are able to examine along with your community district lawyer to work out in the event that they are violating any regulations in making a declare that they are going to place a lien, whilst they don't have the main suitable suited.
2016-12-14 06:56:32 · answer #3 · answered by fabiyi 3 · 0⤊ 0⤋
To obtain a clean title the lien must be satisfied.
2006-07-11 14:24:47 · answer #4 · answered by John H 4 · 0⤊ 0⤋