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Updated about 14 years ago on . Most recent reply
Title Insurance has payoff of Fed Tax Lein as a requirement AND exception..
Hi--I've been trying to close for months on a foreclosure. Got the titlework today from ServiceLink/Chicago Title, and have a question for you experts (I'm supposed to close tomorrow). The previous owner has a 22K tax lien recorded on the property as of June 21, 2010. The title insurance lists having the Fed tax lien paid off as both a REQUIREMENT of title insurance, and an EXCEPTION to insuring the title. What is this all about?
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Bill Gulley
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Bill Gulley#3 Guru, Book, & Course Reviews Contributor
#3 Guru, Book, & Course Reviews Contributor
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Yes, it should be shown on the HUD-1 as any other lien being paid out of closing....good luck