While I owned a small contacting buisness in Seminole county FL,There were several unfavorable judgements filed against me. I am concerned that the when I close on the house next month that the judgements may be deducted from the sale of the home. These are judgements against me. There are no liens on the house and my home has a homestead exemption.
2007-04-09 03:28:24 · 2 answers · asked by Hansolo 1 in Business & Finance ➔ Renting & Real Estate
A judgment when recorded forms a lien against the real property owned by the judgment creditor. In order to sell your place, your judgments will need to be paid out of the proceeds of the sale, or the title company will not insure title, and hence the buyer will not be able to purchase your property.
2007-04-10 20:52:24 · answer #1 · answered by SndChaser 5 · 0⤊ 0⤋
Only liens against the property have to be satisfied when you sell the house. The title company does not care about your personal problems, they want clean title, so they will make you pay enough to clear the title, you should be OK on the sale. However, if you a apply for a new mortgage banks may demand you satisfy those judgments first before approving you for a mortgage.
2007-04-09 03:43:40 · answer #2 · answered by Alexander K 3 · 0⤊ 0⤋