THE SELLERS’ CIRCUMSTANCESNovember 19, 2008
Occasionally a seller will be surprised to learn that a contractor or mechanic has placed a lien that must be paid on their house. These are called mechanics liens. To challenge such a lien, the buyer can release it by posting a bond pending adjudication.
In other cases, a title search may disclose other unresolved claims against the property. For example, a previous owner carried a note against the property, the current owner (seller) paid off the note, but the previous owner neglected to sign a re-conveyance deed. The title is now “clouded”. A simple quitclaim deed may be used in such a case. A quitclaim deed allows the person involved to sign over whatever rights he or she may have had in the property without laying any claim to it.
Most real estate transactions involve some hesitation and questions on the part of the seller and the buyer. The real estate agent can provide answers or alternatives so that matters can be resolved and the sale concluded.