Profile picture for JorgeLucas

foreclosure

Please help. I won a multiple offer contract then I found out there are some fines that have been adding up because previous owner did not do the repairs, will I be liable for this charges?
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January 17 - US
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Answers (1)

If you bought through a real estate agent it's likely the state contract requires the seller to pay off these debts before closing.  Typically they will have to pay for title insurance for your benefit and wouldn't be able to do that with outstanding debts against the property.

If you purchased it without a real estate agent (perhaps at a weekly auction or public trustee sale), then you might be stuck with property tax liens (which take precedence over even mortgage liens), unpaid HOA dues, and city weed or maintenance liens. Most other fines would be levied only against the previous owner(s) and wouldn't be levied against the property AFTER the foreclosure against previous owner had already taken place.

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January 18
 
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