Posted on: 26th Jan, 2009 10:40 am
We are buying 250ac of land from a private person. It is recorded and filed at the county court house. NOW......we are asking for a partial lien release of 12 ac to use as a land home package for a manufactured home. This will as make it easier to finance the whole package in 16 months as there is no home on the property now. So the question on the lien release is how is this done and how long does it take to complete to turn over the land for the land/home package. We owe 100k and have paid 50k down.
Need to get these going as soon as possible any help will be wonderful.
Need to get these going as soon as possible any help will be wonderful.
Hi wolfsong,
As far as I know, a partial release of lien helps to relinquish a state tax lien from a particular property. Generally, the reasons for a partial release of lien include transferring the property when there are insufficient funds to fully satisfy the state tax lien or the person claiming a lien on the property has no rights to title of the property.
I doubt whether in your case you will be eligible to get a partial release of lien or not. It would be better if you could consult an attorney in this regard.
Thanks.
As far as I know, a partial release of lien helps to relinquish a state tax lien from a particular property. Generally, the reasons for a partial release of lien include transferring the property when there are insufficient funds to fully satisfy the state tax lien or the person claiming a lien on the property has no rights to title of the property.
I doubt whether in your case you will be eligible to get a partial release of lien or not. It would be better if you could consult an attorney in this regard.
Thanks.
You need to contact your lender to determine what their requirements are to approve a partial release. Most likely they will need an appraisal and survey.