If you purchase a property that has an IRS lien against it does the purchaser acquire the lien with the property and become responsible to pay it or what happens to the lien when a house is foreclosed?
I’m certainly no expert on liens, but there may be nothing preventing a purchaser from buying a property subject to liens (claims) accrued by the previous owners. You could buy property with a mortgage on it, tax liens on it, mechanic’s liens, municipal liens, etc., as long as you (the buyer) understand that ANY of these liens could result in claims being made against you, and you should get some guarantee (bond, security, payment) from the seller in exchange for accepting this sort of risk.
Related Questions
- If you purchase a property that has an IRS lien against it does the purchaser acquire the lien with the property and become responsible to pay it or what happens to the lien when a house is foreclosed?
- When I invest in a Tax Lien and the property owner doesn’t pay within the redemption period, what happens?
- What happens if property owners pay the fixed lien assessment?
