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  #1  
Old 09-06-2006, 03:10 PM
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Join Date: Sep 2006
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Seller has Liens

What is the name of your state? NY

It has been 6 weeks since our offer was accepted by the seller. Last week we find out he has 5 liens, as of today, which was suppose to be our closing, he has taken care of 3 of them. We have no clue as to when the other 2 will be taken care of and both lawyers for both sides are giving us the run around. We want to back out of this deal completely, is there anyway possible we can?
  #2  
Old 09-06-2006, 03:57 PM
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Why don't they arrange to simply have them paid off out of proceeds at closing, just like they do with mortgages? The title company can hold the lien release in trust based upon creditor's lien payoff amount.
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  #3  
Old 09-06-2006, 04:30 PM
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Posts: 226

May not be that simple

I had a situation like this once. I did a refinance on the mortgage of a place and they had the original loan and a $5,000 crossover loan still on there and I had to fax in paperwork that I had hiding in my attic from years before in order to get it all taken off.
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