10-30-2015, 02:05 PM
quote:
Originally posted by terracore
When you buy a property the title company researches the road fees and deducts the amount past due from the seller's proceeds or credits the seller for any part of the calendar year that has been pre-paid. No lien is required for this, it's just a normal part of the service to protect the buyer. I guess its possible to transfer property ownership without using a title company and their insurance if you are paying cash, but it's a really really bad idea.
MORGAN: Right, but IF there is a lien on the property, the Title Company will require the lien to be satisfied before transfer can take place. Normally it is the seller, however a deal could be made between the buyer and seller as to who will pay the debt, but somebody has to in order for there to be clear title.