One part of purchasing a house is doing the research to determine if there are any outstanding liens on the property you are interested in purchasing. The problem with liens is that they can make it difficult for buyers to secure their mortgage, and there is a risk of somebody else having a claim to the home if the lien isn't paid, even when you went through the process of buying the home. Thankfully, a real estate lawyer can help deal with liens.
Your Lawyer Will Verify If Liens Exist On The Property
The first step will be working with a local title search company to look into the property you wish to buy. As a real estate lawyer performs the title search, they'll help identify all the linens associated with the property if they exist. Know that it's possible that the current homeowner doesn't know of an existing lien, which is why it is so important that your lawyer does an independent search. It's the best way to determine who else has a claim to the property.
Your Lawyer Will Negotiate With The Homeowner
When a lien is discovered, there are a couple ways to go about handling the situations. First of all, you have the option to walk away from the property because it is simply a problem that you do not want to deal with. A lawyer can also negotiate with the current homeowner about removing these liens. Dealing with this problem also opens up negotiations once again on the home's value, which could result in paying a lower price due having you wait until the lien has been cleared.
Your Lawyer Will Verify The Lien Is Cleared
Do not move forward with the sale of the home until your lawyer verifies that all issues surrounding the lien have been cleared by the current homeowner. Your lawyer will not just take their word for it, since they'll do their own independent verification process to ensure that the home is free and clear of any pre-existing lien. With this legal matter settled, your lawyer can move onto the other tasks involved with purchasing a home, like verifying the correct language in the contacts.
Working with a lawyer throughout a real estate purchase can help guarantee that you buy a home that is legally yours. It will give you the peace of mind that everything has been done correctly. Contact a professional like Steve Butcher Sr to learn more.