Should I purchase a lot with a property lien on it using a quit claim deed?

Asked over 1 year ago - West Columbia, SC

what are the risks in buying a lot from an individual that brought the lot on a tax sale, with a lien still attached to the property?

Attorney answers (3)

  1. John R.C. Bowen

    Contributor Level 9

    7

    Lawyers agree

    Answered . There are many risks, not the least of which are that you may have to satisfy/pay the liens in order to obtain clear title. You should hire a real estate lawyer to perform a full title search to determine the status of the property including present ownership, mortgages, liens, judgments, pending actions which may affect the title, and other encumbrances which are applicable to the property. They can best advise you on what you may be getting in to so you can make an informed decision.

    This response does not create an attorney client relationship, and is for general information purposes only. You... more
  2. Ian Andrew Taylor

    Contributor Level 13

    6

    Lawyers agree

    Answered . Mr. Bowen provides some excellent advice. Not a good idea unless you can afford and want to deal with the possible title issues you are essentially buying. That being said your attorney could also give you an idea of how to fix the title issues. The cost of doing so could be negotiated into the price or shared with the seller. There are a lot of options that a real estate attorney would be able to help you sort out.
    Thanks,
    ian
    Ian A. Taylor
    The Taylor Law Office L.L.C. | (843) 314-4313
    Pawleys Island, SC
    Estates. Probate. Adult Guardianship. Foreclosure. Insurance.

    The Rules of Professional Conduct for my state only allow me to provide general legal information regarding your... more
  3. Paul Dezso de Holczer

    Contributor Level 10

    2

    Lawyers agree

    Answered . There is no "cut and dried" answer to this question. The answer depends on the nature of the lien, the purpose of your purchase, whether or not you need this property, etc.

    In some cases the risks will outweigh any potential advantage to you; in other cases the risks will be negligible and will not outweigh the advantages to you of purchasing the property.

    Consult an attorney.

    The material on the site is made available with the understanding that this author is not engaged in providing... more

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