Escrow & Title
An Alaska title company discovers a judgment lien against the seller. At closing, this lien must:
ABe disclosed to the buyer but does not need to be paid
BBe paid from seller proceeds so the buyer receives clear title✓ Correct
CTransfer to the buyer as part of the property
DBe insured separately by the buyer
Explanation
A judgment lien against the seller must be paid and released from the property at closing. The title company or closing agent will ensure the lien is satisfied from the seller's proceeds so the buyer receives clear, marketable title as required by the purchase agreement.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Closing CostsFees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
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