Legal Question in Real Estate Law in Connecticut
real estae sale and liens
If (and when) I sell my condo and there is a lien on the property for old credit card debt, what would happen if the condo sold and there was not enough funds to pay off lien? Thanks for your help.
2 Answers from Attorneys
Re: real estae sale and liens
Then your condo can't sell. Usually, the liens can be negotiated. This is called a short sale. There are professionals who handle these transactions and negotiate liens to get a sale through. If the debt is too high and can't be negotiated down within sales range, then the property won't sell.
Re: real estae sale and liens
You are not giving good title with surving liens. The buyer will require that all liens are paid. You might have to pay out of pocket if there is inufficient equity to cover the liens.
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