Finding out if property has lien burdens

Stacey
Home Buyer
Mundelein, IL

Are liens ever undisclosed on short-sale properties? How would we go about confirming that a property we're interested is free from tax burdens, etc.? Thanks.

Answers (3)
Pete
Both Buyer and Seller
Aurora, IL

Stacey,
I have just done what you ask here.(after you find the parcel #.) I first got the " story of the property from the owners",
then I called the Tax Collectors/ Assesors ( Kane County) the girls are a joy to work with, and if you explain what you are doing they will help on that end.back taxes and taxesales on the property. I found in the Assesors office, that there was a forfeiture, and the amount of that, and the . Read the part of the forfeiture again, I got nervous on that word.....Its only more money. due.
Now the recorders office can help you. they can give you records and posted document numbers ( most is available on the internet for free) to aid your search for encumberances, like an old mortgages or loans against the property that should have/ might have been settled but never recorded, and leins like city bills water or sewer or other leins.
This will give you an idea of what your up against. * Financial wise if you choose to address it *

Mon Jul 28 2008, 17:44
Mwass
Agent
Chicago, IL

there are a couple of ways to approach this.

if the seller is purchasing title insurance, you or your attorney should receive a commitment from the title insurance company that should report any liens that have been placed of record with the county.

if the seller is not providing title insurance, then you might want to purchase this protection yourself.

if you want to find out more, before a title report is generated, you can check with the kane county recorders office to see if there are any liens recorded against the property. you might want to also check the names of the current and former owners to see if there are any judgment or tax liens recorded against them by name, as well.

there are other liens that may exist that are not, or have not yet been formally recorded with the county. i urge that you hire a competent attorney who can help you investigate all of this.

Fri Apr 4 2008, 10:58
Marilyn Gibson
Broker
Saint Louis, MO
FIRST ANSWER

Be sure to close at a reputable title company. They will research the title for you.

Fri Apr 4 2008, 10:39

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