As a buyer looking to enter into a transaction to purchase a piece of property, there are various steps that are taken to ensure in the exchange of the property, both the buyer and the seller are protected. Ideally, each should be able to walk away with set expectations of what they will have after closing. But, that’s not always how it turns out.
While many liens are recorded and will come up during title searches, what some new owners discover is that it’s not always that simple. Soon after purchasing a property, they find they have gotten more than they bargained for in the way of an unrecorded municipal lien against the property. These liens may put the new owner on the hook for hundreds or even thousands of dollars. Soon, they discover the only way to clear this lien is to pay off the debt of the former owner. Obviously, this is a situation new owner would like to avoid.