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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sorry for delay but short answer is yes
Would anyone ever quitclaim them into separate trusts like alexander_fl suggested and wait for the liens to drop off? (if you’re planning on keeping them long term). If they turn the liens into judgments, won’t they have to be attached to the original owner’s name?
I know some use the 2nd LLC(to foreclose on yourself) method and offer to negotiate the liens for a fraction otherwise “the properties” get foreclosed and they get $0.