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Originally Posted by brian1975
I read that there is one fee where they check to make sure there are no other debts agains the property! come on now. i am not paying for that!
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Actually that is a very important thing to check.
If there is other debt against the house (not aginst the current owner, but against the actual property) that remains even after the current owner sells the house. Unless the wner clears it.
You want to make sure that these are cleared otherwise someone can come for your house one day for debt that you did not cause.
For example, let's say a builder took out a lien (I think that is the right spelling) against the house becuse the owner owed him some money for some extra work that was done outside of the sale price of the house.
When the owner sells the house to you, any liens stay with the house. This means that the builder can sue you for your house one day even though you did not owe the guy anything.
I hope I am explaining it well.
Make sure you do that check. The notary (or lawyer) should do that check for you. Hopefully you can get the financial institution to pay for the notary as I mentioned earlier.