Liens act as security interests applied to homes. They are similar to insurance, acting as a freeze on any financial arrangement involved on the house until they are settled. Most commonly, a lien is applied to the home by the state or county. The house can’t be sold until it is handled, and that is only at a minimum. In many instances, a lien can force foreclosure, destroy a business (if it is operating from the home), and more.
A Lien by the County
A lien acts as the state and the county’s insurance. The application of the lien confirms that they will be eventually paid back. Liens are a big deal. Residential real estate lawyers in Chicago can manage this area to avoid disaster by lifting liens and applying removals. Is it possible to have a lien and not even know it? Liens are applied to a home for a few reasons. Homeowners in Chicago can have any number of liens applied due to some of the below factors.
• Back taxes owed on the property
• Court order restrictions on the sale of the property due to divorce settlements, alimony, family court, and more
• Non-action on required mandates, including anything from building a fence too high to not removing asbestos
• Applied debt from a creditor, requiring a certain percentage of profits from the sale of as home
Generally, a lien is applied eternally, and can only be removed by direct payment to the source. The payment does not have to necessarily come from the original owner; a home buyer can actually pay the lien if they choose to. They may do this to own a property they want, accepting that the lien must be paid before ownership.
Lifting Liens
Liens cannot typically be traded or sold. Residential real estate lawyers in Chicago can walk clients through the removal of liens. The team at Starr, Bejgiert, Zink & Rowells can negotiate terms to exchange the lien for future payments or installments. They can also help address liens in the process of a sale. Liens are an interesting result of high-finance sales and an area that must be navigated soundly and practically. Like us on Facebook.
