Property Report Question
I'm looking into purchasing a property that the owners say has a lien. I received a property report that does show a open judgement against the owner but no lien on the property.
Does this mean the property can be sold for the price we negotiate or would the judgement against the owner have to be satisfied first?
Thanks in advance for your response.
In some counties the judgment may not be considered a lien unless a transcript is recorded in the land records as such. That being said many title insurance underwriters will treat it at a lien anyway. What kind of judgment is it?
@Jim Viens It's from Discover Bank
Depends on the type of judgement and whether it is recorded in the Land Records. You also mentioned the owners said the property has a lien on it. Have you checked to make sure the owners don't have a tax lien for delinquent property taxes? Property tax liens will not immediately show up in the court records. You should contact the county tax assessor. Hope this helps.
It's a civil judgement from Discover Bank. I believe it's a credit card debt.
Yes, I checked the tax assessor site and the taxes are current. The owners believe there's a lien on the property due to the credit card judgement.
@Martin Edwards did you ever purchase the property and if so, did satisfying the judgment resolve everything for you? I'm considering buying a lot with a bunch of recorded tax liens on it. Looking to assess the risk with such transactions. Thanks!