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Selling a property which currently has liens?
I own a piece of property with a partner and we have a buyer for it. Unbeknownst to me, his business was having some difficulties in years past and creditors have placed liens on that property which would need to be satisfied to complete the sale. I'm pretty sure I'm screwed, but could someone verify that for me? Thanks in advance.
4 Answers
- LandlordLv 79 years agoFavorite Answer
Yeah, that is how it works. Those debts have to be paid. They are from when your partner screwed those poor people over.
- wizjpLv 79 years ago
If real property liens have attached, you may still be entitled to 1/2 the proceeds; state specific.
Depends on how the liens applies, how you hold title and local jurisdictions.
Check with a local real estate lawyer.
You are probably screwed; but worth a check; and in some cases a lien holder may accept less than a full payoff.
- BillLv 79 years ago
The liens will have to be paid by your partner before the sale closes or come out of the sale proceeds. If his actions were personal and not part of your business arrangement, you may be able to sue him to recover your loss. Good Luck
- cocuzzoLv 44 years ago
If he places your call on the abode, the lien would be located on the abode. it is not considerable whilst he buys the abode. It concerns if your call is going on the call. All this of direction would be moot in case you will only PAY THE LIEN.
