Sometimes a Lehigh Valley Property will have a tax or contractor lien.
For instance, the IRS is owed money or the home seller never paid for the new roof. Since they are liens against the property, they must be paid off at the time of sale.
All Liens Must be Satisfied in order for the Lehigh Valley Home Buyer to get Clean and Equitable Title!
I recently ran into a situation where a private mortgage on a home, that had been paid off in 2013, was never recorded at the court house as having been Satisfied (paid in full and the lien removed). The house was under agreement and the owner could not sell the home without proving the Lien from 2013 had been Satisfied.
The sellers (private mortgage holders) from 2013 had to be tracked down and asked to provide the necessary paperwork or else we could not sell the house to the new buyer. Luckily, we were able to contact them, they confirmed the mortgage had been Satisfied, and they immediately did what was needed with the paperwork to correct the problem at the court house.
When Selling a Lehigh Valley Home, unknown Liens can be a problem whether they are correct or incorrect. If they are correct, they need to be paid at the closing, if they are incorrect they need to be rectified before the closing.
For a new Home Buyer, some title companies will check a few months after a closing to ensure that all Liens were recorded as Satisfied.
A Buyer should probably ask the title company how they guarantee that all previous liens...by the previous owner...have been recorded and marked as Satisfied.
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