What are encumbrances?
An encumbrance is something that is placed on the title of the property which says the property cannot be sold until it is removed. It can be a mortgage for example or a mechanics lien or property taxes.
At Effortless Home Buyers, we deal with this all the time.
To find out more about this, you can visit our website at: https://www.effortlesshomebuyers.com/
Fernando O. Angelucci is Founder and President of Titan Wealth Group. He also leads the firm’s finance and acquisitions departments. Fernando Angelucci and Steven Wear founded Titan Wealth Group in 2015, and under his leadership, the firm’s revenue has grown over 100% year over year. Today,
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So what are Encumbrances? So an Encumbrance is something that's placed on the title of the property saying that someone can not sell this property until this Encumbrances is removed. This can be a mortgage. This can be a mechanics lien. This can be back taxes or property taxes that haven't been paid. It may be a judgement of some kind if you went through bankruptcy or if you lost a lawsuit that can be an encumbrance on the sale of your property. And to be able to transfer that property, you'll have to remove those Encumbrances. We deal with this all the time. We specialize in buying properties that have these types of distress situations around them. So when it comes to Encumbrances the biggest thing is you just gotta make sure that those creditors are satisfied so that you can sell those properties and you can do everything at once. You can sell the property to then pay off all the Encumbrances in a almost simultaneous transaction at closing.
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