Hey everyone, I'm a new investor who recently purchased a property in IL without doing the due diligence part because I forgot to do it at the time. I've since gotten the title search done and have received the sale order, but I'm still waiting on getting the deed and getting it recorded. The issue now is that I'm not sure if I bid on a second mortgage or if there are multiple mortgages on the property. I've talked to one lawyer who looked over the title and taxes documents and said it's clear, but I don't fully understand what that means. I'm waiting for a response back from the lawyer, but I'm not sure if he knows much about this specific issue. The only thing I know for sure is that I have to pay back taxes of around $7,000, which I don't mind. I just want to make sure I'm not missing any other large amounts that I might have to pay. If someone could look over the documents and help me ease my nerves, I would be so thankful.
I'm trying to learn from my mistakes, including being able to read a title, getting all other information (liens, loans, taxes, etc.), fully researching before I buy a property, getting a lawyer to help in future bids, title insurance, and home insurance.
talked to a title insurance company they said my my title search is an abstract does that mean there might be vital info missing regards to more money i might have to pay ??
i have attached the title search
