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Who is responsiblefor the lien when a house gets sold the buyer or the seller?
Wiki User
∙ 16y ago
The lien is on the house. That's one of the reasons it goes through escrow, to find out if there are any outstanding liens on it. If there are outstanding liens on the house that are discovered in escrow, the buyer can make the seller pay the liens or stop the sale of the house, but if they are not found, the lien still exists and the buyer has to pay them after the house is in their name. Escrow is a good thing although it is time consuming and costly.
Wiki User
∙ 16y ago
Wiki User
∙ 7y agoThe lien doesn't go away. It is still a debt against the person named in the lien and the property is subject to the lien. The creditor could have the property seized and sold depending on the circumstances. The new owner would have to pay the lien to redeem the property or lose the land and any money they paid over to the seller when the land was transferred. That's why you should always have the title examined by a professional before you buy. Any liens that are disclosed by the title examination should be cleared up before you take title.
Wiki User
∙ 16y agoThe new owners title company will send the proceeds from the sale directly to the prior owners mortgage company. Any left over proceeds will come to you from the new owners title company.
Wiki User
∙ 14y agoThe lien is on the property, not on the person, so the current owner is responsible.
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Does the buyer or seller gets the bill of sale?
Both get a copy.
What is a buyer's real estate market?
That means the prices are low and the buyer gets a better deal than the seller.
Who gets in more trouble - the seller or the buyer of drugs in an illegal deal?
the seller considering they are the ones with the drugs in the first place
What happens when demand meets supply?
Transaction happens when supply and demand meet. Both sides (a seller and a buyer) meet their needs: a seller gets money for its products (now he can manufacture next products) and a buyer gets product he needed.
What will happen to the prices in the market if the supply and demand meet at the equilibrium?
Transaction happens when supply and demand meet. Both sides (a seller and a buyer) meet their needs: a seller gets money for its products (now he can manufacture next products) and a buyer gets product he needed.
If the party you are buying the car from owes the bank more than what you agree to pay IF both send in a check s who gets the title the buyer or the seller and how is the buyer protected?
The seller will get the title. It may vary in different states, but I would suggest the buyer have a notarized document prepared which has a promise that the seller will turn the vehicle/title over. It a chance that buyer will take.
How much do you have to pay a buyer agent when you buy a house in US and do you really need one?
The SELLER usually pays all the commissions. The buyer's agent usually gets a split of the realestate contracted commission. If the deal calls for a 4% commission, the listing agents gets 2% and the buyer's agent 2%. If you are sellinga home, you would usually pay the buyer's agent some agreed upon amount.
When selling a gun what type of receipt should you give?
Not required by law, but I use a "bill of sale", listing name of buyer AND seller, make, model, and serial number of firearm. Two copies. Buyer and seller sign both copies, I keep one, buyer gets one.
What do you call a legal document where you are paid in advance for property before you sign over the deed?
This describes an ordinary "purchase and sale" agreement: buyers show up with the money, seller gives buyer the deed after buyer gives them the money. Sometimes buyer gets a loan, so the money actually comes from a bank, but the seller gets paid before giving up the signed deed.
What is a creative home loan?
When someone wants to buy a home, but they are unable to gather enough money to pay for it (cash for equity + loan proceeds), then the buyer and seller are going to have to get "creative" if they are going to be able to close the transaction. Unfortunately, getting "creative" sometimes means being subversive. A common example is the wrap-around mortgage when the seller's mortgage has a "Due On Sale" clause. With this clause, the buyer will not be allowed to assume the mortgage, but must get a new loan. The seller is supposed to pay off the old loan. But, let's say the buyer is not able to qualify for a new loan and the seller is willing to try to keep any knowledge of the sale from his lender. Let's say the seller's loan is at a low interest rate of 5% and has a current balance of $80,000. The seller might agree to sell the house to the buyer for $100,000. The seller accepts a note from the buyer (a loan) for the purchase price of $100,000 (nothing down) with an interest rate of 8%. Each month, the buyer pays the seller who in turn, sends part of the money to his mortgage company as payment on the original loan. To make sure the seller keeps making payments on his loan, the buyer often insists on making payment to an escrow company (or attorney) who will forward a portion to the original lender as a loan payment and remit the balance to the seller. The buyer gets a house he cannot otherwise obtain. The seller has actually made a loan of $20,000 to the buyer (the seller's equity in the property was loaned to the buyer, since there was no cash downpayment). But what does the seller earn on that $20,000 loan? First, he receives 8% interest on $100k each year. That's $8,000 per year. Second, he has to pay 5% on the $80k he owes. That's $4,000 per year. So, the seller is NETTING $4,000 (8 - 4 = 4) per year that he gets to keep. That is a 20% rate of return on his $20,000 loan to the buyer. That's a creative home loan. There are other ways to be creative -- such as obtaining a lease with an option to buy (where the tenant gets credit for part of the rent toward the purchase price).
What does a broker do for work?
There are different types of brokers. Mortgage brokers help people take out mortgage loans. Real estate brokers act as a mediator between the buyer and the seller so that the buyer gets a good deal while the seller still makes money.
What is an efficient market?
An efficient market is one in which the buyer and the seller gets what they want at a good price. An efficient market doesn't have to include an exchange of money.
