A lien gives another party the right to claim a property once it is sold. A property lien may be undisclosed for a variety of reasons, including intent to commit fraud, irrelevant information that pertains to the original property owner, and the oversight of the individual who is handling the exchange of real estate. If the thought of fixing up an abandoned home and using it as a primary dwelling appeals to you, uncover information about the most recent owner of a home and land and any unsatisfied liens that the property holds.
1. Use the Address to Perform a Search
The address can be used to find out who currently owns the property. The person who inhabited the home may have passed away or the residence may have gone into foreclosure, leaving a banking institution as the current owner of the property.
A home may have also been passed down to a relative, which could prove to be more complicated. For instance, if an original property owner had a mortgage on the land and they have recently died, a will may have been left that deems the home and land as assets of another living relative. The mortgage, however, is still not satisfied and there is no way to know if the new property owner will be switching ownership right away or if this process has not been initiated yet.
Performing a search through a county assessor's office is one way to find out when the property taxes were last paid and any outstanding amounts that haven't been satisfied. During your search, you will be supplied with the name of the current owner. You may also discover a government entity's name or a banking institution's name attached to the information. In a situation like this, there may be a monetary amount listed alongside the additional name. This will likely mean that the property has a current lien on it.
2. Consult With an Attorney
If you discover an individual's name listed on the property records and taxes are currently paid in full, the individual may own the property free and clear and be using another home as their current residence. Without knowing where the person is living, you will be unable to move forward with your attempt to purchase the home and land.
If the person is deceased or if another relative is listed, an attorney can perform a more in-depth lien search to determine if the home is going to be placed for sale. In some situations, if there are no living relatives and a lien is on a property, the home and land may be placed for sale through a state auction. All of the legalities associated with purchasing a property like this will be explained during an appointment with an attorney.
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