Lisa Mailhot | October 23, 2024
Buyers
A lien is essentially a legal claim against your property due to an unpaid debt. This debt allows the unpaid party to stake a claim to a portion of your property once it’s sold. The catch? You typically can’t sell or refinance your home until the lien is cleared.
Liens generally fall into three categories:
Even though you may think you know everything about your property, liens can surface unexpectedly, especially if there’s been contractor work involved or taxes left unpaid. Thankfully, it’s easy to check if your property has a lien.
Here’s how you can do it:
Discovering a lien doesn’t have to be the end of your home sale. If it’s already paid, all you need is proof of the lien release, which you can obtain from the appropriate party. If unpaid, you’ll need to resolve it before the sale goes through.
“Liens can become an issue for everyone involved, particularly if the total liens on a property add up to more than the contract price,”
says Klaus Gonche, a real estate expert. In cases like this, you may have to cover the difference out of pocket—or face buyers walking away.
Finding out about liens early in the home sale process is crucial to avoid unnecessary delays or lost deals. With simple tools at your disposal, you can easily search for any hidden liens and resolve them before they become major headaches. Ready to make your move stress-free? Let's connect and find the perfect home in Orange County today!
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