Selling a home in Chicago can be intimidating, especially when there’s a lien on it. A lien is a legal claim against a property that ensures payment of a debt. It can affect the selling process, but it doesn’t mean you can’t sell your home. In this article, we’ll discuss how to sell a home with a lien on it.
Understanding Liens
Before we dive into how to sell a home with a lien on it, it’s essential to understand what a lien is.
A lien is a legal claim against a property that ensures payment of a debt. It can be filed against a property by a creditor, a contractor, or even the government. There are several types of liens, including mortgage liens, tax liens, and mechanic’s liens.
Mortgage Liens
Mortgage liens are the most common type of lien. They’re placed on a property by a mortgage lender to ensure that they get paid if the borrower defaults on the loan. If you have a mortgage on your home, you have a mortgage lien on your property.
Tax Liens
Tax liens are filed by the government when a homeowner fails to pay property taxes. The government can then sell the lien to a third party, who can then collect the debt or foreclose on the property.
Mechanic’s Liens
Mechanic’s liens are filed by contractors or suppliers who have not been paid for work done on a property. This type of lien can be filed against a property even if the homeowner has paid the contractor or supplier.
Selling a Home in Chicago with a Lien
Now that you understand what a lien is let’s discuss how to sell a home with a lien on it.
Determine the Type of Lien
The first step is to determine the type of lien on your property. You can do this by contacting your local county recorder’s office or a title company.
Settle the Lien
Once you’ve determined the type of lien on your property, you’ll need to satisfy the lien before you can sell your home.
- If you have a mortgage lien on your property, you’ll need to pay off the remaining balance of your mortgage.
- If you have a tax lien, you’ll need to pay the back taxes owed.
- If you have a mechanic’s lien, you’ll need to pay the contractor or supplier.
If you’re unable to satisfy the lien on your property, you may still be able to sell your home. In some cases, the lien can be transferred to the buyer, who would then be responsible for paying it off. However, this can be a complicated process, and it’s essential to work with a real estate attorney to ensure everything is done legally.
Selling a home with a lien on it can be challenging, but it’s not impossible. Understanding the type of lien on your property and satisfying it before you sell your home is crucial. If you’re unable to satisfy the lien, you may still be able to sell your home, but it’s essential to work with a real estate attorney to ensure everything is done legally. With these steps in mind, you can successfully sell your home with a lien on it.
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