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Selling your home should be a joyous occasion, but unexpected roadblocks can pop up, like liens. While mortgages are common, other liens can lurk in the shadows, potentially derailing your sale. At My Home, My Sale, we believe in transparency and smooth transactions, so let's explore the world of liens and how to navigate them:
Beyond Mortgages: The Lien Landscape:
While mortgages are the most familiar lien type, others can attach to your property, including:
Judgments: Court-ordered debts like unpaid taxes, child support, or civil judgments can create liens.
HOA Liens: Unpaid homeowners' association dues can lead to liens on your home.
Mechanic's Liens: Contractors or repair workers you haven't paid might file liens against your property.
Tax Liens: Unpaid property taxes can result in government-imposed liens.
Unveiling the Unseen:
How do you discover hidden liens? Here are some steps:
Title Search: A professional title search conducted during the selling process will reveal any liens on your property.
Public Records: Check online databases and government websites for recorded liens.
Contact Creditors: Reach out to potential lienholders, like your HOA or contractors, to confirm any outstanding debts.
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Clearing the Path to Closing:
Not all liens have to be paid off before closing. Some, like mortgages, can be transferred to the buyer's loan under certain terms and conditions.
However, others, like judgments or HOA liens, must be paid off before the sale can finalize.
Working with Liens:
Here's how to handle liens:
Negotiate: If possible, negotiate with lienholders for a settlement or payment plan to clear the lien before closing.
Escrow: Funds from the sale can be held in escrow until the lien is resolved.
Seek Legal Advice: Consulting a lawyer can be crucial for navigating complex lien situations.
Selling a home with liens can be complex, but you don't have to go it alone.
By understanding and proactively addressing liens, you can ensure a smooth and successful home sale journey.
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