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3/7/2012 11:48:48 AM
 
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Section 5: OPA Board Subject: OPA Loses IRS Case Msg# 823970
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If a title search is done before the property is sold, any liens would show up. I don't see a buyer going through with a sale, because I "think" the liens stay with the property.
Judy: Title searches in general for the sale of a property are done for a period of 60 years. If a proper title company is used, a title search does list all liens, judgments and court cases referring to the said property. The title company is bound by law to collect all fees from the seller and settle all judgments, liens, etc. prior to the transfer of the property. If a lien shows up at a later date, it would most likely be the responsiblity of the title company. That's why people buy and mortgage companies require title insurance at the time of transfer. No buyer is normally EVER responsible for a missed lien on a particular piece of property ever. Linda |
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For reference, the above message is a reply to a message where: I'm not sure that is correct. If a title search is done before the property is sold, any liens would show up. I don't see a buyer going through with a sale, because I "think" the liens stay with the property. I remember hearing horror stories of buyers finding out after the purchase that there was a mechanic's lien on the property that still had to be paid. I don't see why a lien for past due HOA fees wouldn't be the same. A person who had a judgement on their credit report would have slim (or no) chances of getting credit, i.e., car loan, credit card, etc. I wouldn't want to have a judgement against me. |
Only that would or could happen if you have an incompetent title company doing business. The title companies are audited yearly by very large insurers to verify how titles are transferred. There is no room for error in this process. It may happen but it would be very, very unusual. 
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