2007-04-04 13:29:54 · 6 answers · asked by colo331 1 in Business & Finance ➔ Renting & Real Estate
yes,
the lien will be payed off at closing
2007-04-04 13:36:49 · answer #1 · answered by Anonymous · 1⤊ 0⤋
A property is sold with or without title insurance. If the seller of a house sells a property without title insurance the buyer will inherit the lien on the property, in this case a title search should be done by the buyers and require the seller to pay off the lien at closing. If the seller sells the house with title insurance the title company will collect from the seller the amount owed on the lien and pay it off at closing.
A property that has a lien on it is not merchantable meaning it is not insurable unless the lien is removed. However it does not stop a seller from selling the house.
Buena Suerte
2007-04-04 20:44:11 · answer #2 · answered by newmexicorealestateforms 6 · 0⤊ 0⤋
I believe a homeowner can sell their house if there is a lien on it, if the lien holder is paid off by the sell. This is something that would best be discussed with the financial institution holding the lien.
2007-04-04 20:35:23 · answer #3 · answered by StudentofLife 1 · 0⤊ 0⤋
You couldn't collect the money from the sale until the lien was removed.
2007-04-04 20:35:29 · answer #4 · answered by Judy 7 · 2⤊ 0⤋
Of course, otherwise nobody would be able to sell their homes (a mortgage is a lien).
2007-04-08 02:46:51 · answer #5 · answered by SndChaser 5 · 0⤊ 0⤋
yes. from what i hear you just pay off the loan with what you make or if you don't sell and you buy another house then its added to the second loan.
2007-04-04 20:35:19 · answer #6 · answered by sweet_jilybean 2 · 0⤊ 0⤋