Lien On Property
Just got a property almost at the closing table, however just found out that the seller has a lien on the property. The closing process has already been roughly 45 days. Can someone please tell me if this will become a time consuming problem or if this is a simple problem that can be handled in a short period of time. Also is there anything that I can do during this process? Thanks
Thanks a whole lot, that helps.
They are right, I work in Title Insurance and you should find the lien at the beginning of the process (within 24 hours if not sooner), unless the lien was just put on the property and not of record in the beginning. Whatever the case may be it should not affect the time of closing, you just take from the proceeds as the others replied.
You can call the Title Company directly and find out if there is another problem you do not know about. 45 days is an awefull long time, you can close a foreclosure deal or commercial deal in less time.