I working on a deal here in Chicago, IL . The original owner/seller has 4 properties and he’s has some liens against 2 of them. The city wants us to pay off the liens for other properties in order to buy the one that do not have liens. There is a judgement against the owner and the lien is against another property(A multi-unit). If we quit claim the deed out of his name(For the house we want to buy) will the lien still attach itself against the property?
Short and Simple answer is YES the liens will remain on title.
Thanks Bill we are actually trying negotiate with the city now.
Yep…it will happen when you take title in your personal name. If you were successful in dealing with the city, make sure you have the properties in an LLC or, better yet, separate Land Trusts.
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