4 Reasons to Do a Lien Search Before Purchasing
Many people who are looking to buy a home often do not realize all of the steps that are necessary in order to ensure they do not get in a bind with that home later on down the road. One of the steps to take to ensure safety for both you and your mortgage is to check ahead of time and do a certificate of title or title search on that home. There are many reasons for this. Here are four of the main reasons to be sure and do an Alberta lien search before you purchase a home.
To Save Time
Overall, if home has a lien placed on it can essentially hinder you as the new buyer as time goes on. More than likely you do not want to optionally choose to purchase a home that has a lien placed on it due to the fact that you can’t really benefit from it. Getting a lien search done ahead of time can save you a lot of time in your dream house search and can help you narrow your possibilities on your list immediately.
To Save Money
Although lien searches cost a small fee to perform it can save you a ton of money in your future investment. If the owner who received the lien on the property fails to pay the lien in a sufficient time and then the property transfers ownership, the lien is left to the new owner. This essentially causes the new owner to pay those debts themselves that they did not acquire.
To Save Stress
Being forced to pay something that you do not owe is stressful by itself. On top of that you have to live in a constant fear and stress that the person who accrued the debt will not pay it off. The debt has to be covered at some point.
To Know What You’re Facing
Essentially, paying a little bit for the lien search up front helps you know what you’re up against. Knowing what kind of home you’re looking to buy and what baggage comes along with it can save you heartache. At that point if you choose to go ahead with the purchase, the responsibility is then on you.
As you can see there are many reasons to do a lien search Alberta before you decide to purchase a home. Not only can it hinder you down the road and potentially make you pay debts that you have not accrued, but it will also save you a lot of time, effort and stress. If you are looking to purchase a new home, consider these reasons and invest the small fee for a lien search to help save you stress and money in the long run.
