Q: I'm in escrow supposed to close in 2 weeks. Realtor/owner disclosed to my realtor there are 2 tax leins for $4k on title
Seller & my realtor want me to cancel and take a loss on all I've paid or extend the closing date until title is sorted out. What are my options?
A:
Your options are to:
1. cancel the transaction and obtain a refund of your earnest money deposit, or:
2. continue with the transaction and have the title company pay off the tax liens at close of escrow along with any other encumbrances that may exist.
The existence of two small tax liens does not appear to be the type of problem that would require cancellation of your purchase. I would expect the purchase to be completed as scheduled with the tax liens being paid from the seller's proceeds. If the seller wants to investigate the tax liens, he can do so before COE.
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