Can a Person Buying a Home see if there are Liens on a House?
Purchasing real estate is a major investment that requires knowledge and understanding. A lien is a legal claim, or hold, on property that is used to ensure the debt repayment by the owner. The lien allows the bank, financial institution, or individuals who are owed money to reassume possession should the property owner fail to meet their obligations. As a result, appropriated property may be sold to recover the debt. There are a number of methods for checking to see if there are any liens on a home. One option is thorough a title search.
What is a Title Search?
Any information about the property that may be concealed can be revealed during a thorough title search. It is possible to manage a title search on your own, or you can have a title company that is professionally equipped do the search. This method can provide significant information. It’s possible to determine whether or not the seller has the right to sell the property, if there are any limitations or allowances, and if anyone has a claim, or lien, on the property.
Buyers need to understand the relevant laws and conditions connected with the purchase of a new home. If there are any issues, the title search will bring them to light. In addition to the home’s history, you will acquire information about any other potential restrictions or allowances connected with the property.
Are there other Ways to Search for Liens?
There are several ways to find out whether or not there are liens on a home. Public records can be checked for free. Comprehensive data may be accessed as well. Gather as much information as possible about the owners and the address. The property assessor or county clerk should have accurate records. Having correct information expedites the search. Some facts can be found with an on-line search, although it is recommended to check in person in order to get the most recent records.
Information may also be requested from a tax assessor. Outstanding property tax reports may be obtained this way. The assisting clerk will use the parcel number to pull-up pertinent information related to any tax lien on the property. Reputable real estate agencies such as Madison Home Sales are qualified to help put buyers in touch with experts in the field.
An attorney may also be retained to conduct an investigation and search for existing liens on the property. A reputable attorney may help with any other matters that may surface involving legal issues. Another advantage is that attorneys often have access to additional legal records and may be able to help to eliminate any existing liens. Whatever method you choose, taking the time to search for existing liens is always recommended.