on land contract
2007-11-25 06:25:07 · 4 answers · asked by wondering 3 in Business & Finance ➔ Renting & Real Estate
You would pay the lien as you were selling or giving it away.
2007-11-25 06:28:57 · answer #1 · answered by shipwreck 7 · 0⤊ 1⤋
Yes and no.
Alot of people assume that a tax lien has to be paid, and they DO NOT for a property transfer.
Technically, a tax lien or any lien, does not prevent property transfer...here is how it works:
Yes...if the buyer is paying cash, the lien(s) runs with the property. The new buyer can leave them open or choose to pay them...however, if they leave them open they run the risk of the lienholder forcing foreclosure.
No...if the buyer is financing the house...b/c the buyer's bank won't close if there is a superior lien...they will require the seller to clear the tax lien or they will refuse to allow for closing/funding. That is the only way the bank will be in first lien position.
2007-11-25 07:54:55 · answer #2 · answered by Expert8675309 7 · 0⤊ 0⤋
The lien needs to be cleared before or concurrent with the deed transfer.
You are asking if you can give the house away. Right now, it's not yours to give. The IRS has an interest.
2007-11-25 06:31:19 · answer #3 · answered by CJKatl 4 · 1⤊ 1⤋
have to pay the lien first
2007-11-25 06:39:51 · answer #4 · answered by Anonymous · 0⤊ 1⤋