You can’t sell your property to buy another while valid liens are in place. Before a home is transferred from seller to buyer, it must be free of all liens, such that the buyer receives a clear title to the home. If you owe lien holders and have less equity in the house than it sells for, you might have to bring a check to the table. Once a lien is verified, you need to satisfy it to sell your property. Contact the lien holder for a payoff figure, which is the total amount owed, including interest and other charges. Paying the debt is the first half of the process of clearing a lien. The lien holder must then cancel the lien. This can take up to several months, depending on how quickly the lien holder acts and the volume at the County Clerk’s Office. To avoid problems with the purchase, contact the lien holder and request that it endorse the lien for cancellation and give it directly to you for filing. Make a copy of the document and take the original to the clerk for cancellation. With a clear title, you’re free to sell your property. Once you receive the funds from your sale, you can move forward with the new purchase. To ensure this new transaction goes smoothly, perform a lien search on the property that you’re buying. This will give you an idea of any potential obstacles to taking possession. States may impose liens on homes when property owners fail to pay their real estate taxes. The homeowner must pay this new lien holder to obtain a lien release form and then continue with the sale of the home.
NEED FOR SPECIALIZED EXP ALIZED EXPERTISE
The process of selling a home is both an emotional and financial investment. The homeowner who decides to sell a house by himself will find himself dealing with many unfamiliar processes,
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