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  • Writer's pictureFranny Yen

Be Careful with Notices of Assessments

To all buyers and selling agents, be careful with the notice of assessments when you review the preliminary title report for a purchase transaction.

It means a paid or unpaid lien attached to the property. Ask for the detail of it from the title company.

If the buyer does not want to assume this lien, the title company should require a payoff demand when closing this transaction.

On the other hand, if all parties miss it, including the buyer's lender, it could mean a big loan, such as PACE/HERO, passing from the seller to the buyer attached to the property on the property tax bill for many years. By then, the only way for the buyer to resolve it is to seek help from an experienced attorney.

Contact me if you need help with this or other lending questions!

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