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Liens

Are all liens removed after the end of the redemption period? Is there any way for someone to make a claim against a property after I purchase it from a bank? Looking to buy a high-end foreclosure soon.
  • February 09 2011 - Staten Island
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Answers (3)

MICHAEL IS RIGHT AND BELINDA IS WRONG.

THERE ARE MANY THOUSANDS OF TITLE COMPANY WENT BK WHEN THE MARKET MADE A DOWN TURN IN 2007. ALL THOSE TITLE INSURER WENT BK DID NOT RE-INSURANCE AND THE POLICIES IS WORTHLESS.

ALL THOSE TITLE INSURER WERE BOUGHT OUT BY OTHER BIG TITLE COMPANY LIKE FIDELITY OR CHICAGO OR FIRST AMERICAN (THE LARGEST) HAVE THE RE-INSURANCE AND INDEMNITY CLAUSE THAT WILL CONTINUE TO INSURE THE POLICY.
  • June 19 2012
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You would need to have language in the purchase agreement that states the lender would pay any outstanding liens against the property either prior to or at closing.

Most
liens will be discovered as part of the title work and many lenders are doing title work before listing to ensure there are no surprises after the property is listed. I say most liens will be discovered because some contractor liens and liens placed by the local / city government may not be posted to the property at the time of the lien search.

To lessen issues after closing, make sure you buy a title policy for yourself. Your lender will require you to buy title insurance to protect their interest, but they do not require you to buy it to protect your stake in the property. If there are issues after closing, most likely your title insurer will deal with it and not you.

And make sure the title insurance is from a larger and reputable firm because if the title insurer becomes insolvent, the policy will be worthless.
  • February 09 2011
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Not necessarily.  Certain liens are not removed by foreclosure.  Consult an attorney or work with a knowledgable realtor for best results. Investing in real estate or anything else, should be carefully considered and properly researched, unless you do not mind an increased chance of loss.
  • February 09 2011
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