code violations: Beware of Undisclosed Liens!
- 02/09/10 02:05 PM
Whenever any sale is negotiated, the new buyer should be buying the property free and clear of all liens. All liens have to be paid or negotiated in the short sale. If the new buyer is purchasing with a mortgage, the new mortgage holder will require a thorough analysis of title to make sure no other liens exist and also require title insurance to insure that nothing was missed. In the past, it was cutomary to get this title work prior to closing. It's important to get it done as soon as possible in today's market. There is more danger for … (2 comments)
Whenever any sale is negotiated, the new buyer should be buying the property free and clear of all liens. All liens have to be paid or negotiated in the short sale. If the new buyer is purchasing with a mortgage, the new mortgage holder will require a thorough analysis of title to make sure no other liens exist and also require title insurance to insure that nothing was missed. In the past, it was cutomary to get this title work prior to closing. It's important to get it done as soon as possible in today's market. 
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