Property liens are a common occurrence in the real estate industry. A lien is placed on the property when a property owner fails to pay taxes to secure the debt payment. This means the property owner cannot sell the property or transfer the title until the debt is paid in full.
In some cases, transferring property with a lien can be done, but the process can be complicated and may depend on the type of lien on the property and the laws in the state where the property is located.
If the IRS placed the lien on the property due to unpaid taxes, the IRS would need to be contacted first before a transfer of property can occur. The IRS may be willing to accept a lump sum payment of the taxes due to clear the lien. Additionally, the IRS may accept an installment payment plan with the agreement that the lien will not be released until the debt is paid in full.
In some states, a tax lien may allow a property transfer even if the taxes are still owed. For example, under the California tax lien, the lien on the property may be released if a qualified entity purchases the property with a loan secured by the property. The qualified entity must also assume responsibility for the payment of the debt, and the lien will be released once the loan is fully paid.
In other states, the property can still be transferred even if a lien is on the property. However, in such cases, the current lienholder may need to agree to the transfer and may be compensated for the lien's release by the property buyer.
When a property has a lien on it, it is important to understand the laws of the state where the property is located and the terms of the lien to determine if a property transfer is possible. If you are considering transferring a property with a lien, it is important to speak to a qualified real estate lawyer with experience in dealing with liens to ensure that the process is done correctly and you remain in compliance with the tax lien code.
A successful Pompano Beach car accident lawyer would try to negotiate with the lien holder to have the lien reduced.
Any dollar less the lien holder takes from you is a dollar more in your wallet.
Learn more about liens placed on personal injury settlements by health care providers.
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