Judgment Liens are serious red flags for real estate purchases. Whether you are looking to purchase commercial or residential property or just the vacant lot next door, judgment liens can spoil your plans. And so, it is important to get some background information before moving forward on a real estate purchase. Certainly, a title search is a critical step when considering purchasing real property.
Title Searches Reveal Judgment Liens
Having a title search performed is a necessary part of the closing process when purchasing real estate. Title searches reveal any issues the potential buyer may have. As a result, you are able to make an informed decision as to whether it is worth your time to proceed with the purchase.
The most common red flag in a real estate transaction is a judgment lien. A lien is a legal claim to a property. They occur when a judge signs an order to attach a monetary judgment to real estate. Simply put, the property cannot be owned free and clear until the judgment is paid in full. In fact, the property can be sold, but the debt against it transfers to the new owner. Surely, this is something you want to avoid. And so, a title search is essential.
Bartlesville’s Best Real Estate Attorneys
At Heskett and Heskett, our top tier real estate attorneys provide comprehensive legal service for all your real estate needs. We are experts at obtaining necessary permits, gaining government approvals and negotiating commercial lease contracts. In addition, our legal team has full grasp of zoning approvals, construction permits and the legal requirements for environmental approvals. Beyond that, our law firm is practiced at commercial transfers, commercial development as well as real property ownership contracts.
If you need legal assistance for a real estate transaction, contact Heskett & Heskett. Get the expert legal advice you need to ensure a smooth real estate transaction. Our top Bartlesville legal team is looking forward to talking with you.