An apartment that had a lien in a condominium building was sold to a new owner.

Asked 7 months ago - New York, NY

The new owner purchased a condo with a lien on it. Also, some bank gave him mortgage. How is it possible for a new owner to purchase a property with a lien on it?

Attorney answers (4)

  1. Gerry M. Wendrovsky

    Contributor Level 15

    1

    Lawyer agrees

    Answered . Quite simply, the lien may have been paid off at the closing of the transaction.

    Please be advised that this answer shall not constitute legal advice, or create an attorney-client relationship.
  2. Michal Falkowski

    Pro

    Contributor Level 11

    Answered . Right.

    My direct line: 212-561-5599 ext 803. If this answer is helpful and/or the best answer, then please indicate it... more
  3. Peter J Weinman

    Pro

    Contributor Level 17

    Answered . You're assuming the new owner did not take subject to the lien. If he bought it without an attorney and the benefit of title insurance, that's actually a likely scenario.

    I may be guessing or not licensed in your state. No atty/client relationship exists.
  4. Katherine Ann Kokkosis

    Contributor Level 3

    Answered . If there was title insurance, you would go through the title company to clear the issue. Also, it may be possible that it was filed after closing or it was paid off at closing.

    This does not constitute legal advice or form an attorney-client relationship.

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