Home Buying in 02453>Question Details

Maria Pedraza, Home Buyer in Waltham, MA

how do i know if the property im buying does not have any debts? or previous loans

Asked by Maria Pedraza, Waltham, MA Fri May 4, 2012

Help the community by answering this question:

Answers

7
Lynne Hagopian’s answer
Previous loans are usually listed at the registry of deeds for the area in which the property is located. This can be found at masslandrecords.com You can also check with the town to make sure there are no outstanding debts owed like back taxes, rubbish removal, sewer and water etc. Though these may come up as your attorney prepares for the closing, it would be good to know up front at time of offer.

If I can be of help, please call me at 508 648-0393

Lynne Hagopian
Hammond Residential
0 votes Thank Flag Link Mon May 7, 2012
you check to see if anything is on record by going to http://www.masslandrecords.com
0 votes Thank Flag Link Sat May 5, 2012
As previously noted, this is one of the services your closing agent(title company or attorney) will provide. Prior to their involvement you would be left to the information provided by the seller.

Hope this is helpful.

Bill
0 votes Thank Flag Link Sat May 5, 2012
Hello again Maria,
the outstanding debt or debts should be of no consequence to you as they will have to be paid off before closing. I will again advice you to get a realtor buyer's agent to assist you, this is a big purchase and I believe it would be better to have your own representation (and many of these questions could easily be answered by your realtor and again it does not cost you anything). wen@wenrealty.com
Suerte
Web Reference: http://ww.wenrealty.com
0 votes Thank Flag Link Sat May 5, 2012
A simple title search by a local title company will do the trick! Good luck to you.
0 votes Thank Flag Link Sat May 5, 2012
I don't understand the question, as when you buy the property any underlining debt will be paid off. So even if your buying it for less than the current owners debt it has no effect on you. If your giving him 1,000,000 dollars more than his debt it still has no effect on you. The property is worth what a ready willing buyer is willing to pay. As to value either you or your lender can have the property appraised. But appraised value does not necessarily reflect market values.
0 votes Thank Flag Link Sat May 5, 2012
A title search is done by the closing attorney. Your lender requires this so they know you are buying the home free and clear
0 votes Thank Flag Link Sat May 5, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer