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September 26, 2005
Interpreting Liens
If Property Shark shows judgments/liens on a property for sale, what exactly does this mean for the prospective buyer? Why is the NYC Bureau of Highway Operations frequently listed as a creditor on these reports?
Comments
It is the responsibility of the seller to convey cleared title at closing. The seller will pay off the judgments and liens at closing. When the city issues sidewalk violations for cracks and what not, they also issue a sidewalk lien with zero monetary value attached to it. And if the homeowner doesn't correct the sidewalk and the city does fix it, they will then issue a judgment and fix a dollar value to it.
Posted by: Anonymous at September 26, 2005 3:29 PM
I always wondered the same thing. My house has the same lien, but it didn't make a difference at closing.
Posted by: Anonymous at September 27, 2005 10:03 AM
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