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Important Tips for Completing a Residential Contract for Sale and Purchase – Part 18: Standards For Real Estate Transactions

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Important Tips for Completing a Residential Contract for Sale and Purchase – Part 18: Standards For Real Estate Transactions

January 26, 2016
Tanishia Stokes
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Liens

Part E of Section 18 discusses Liens. The Seller is required to sign an affidavit stating that 1) there are no claims of liens or potential lienors to the Seller’s knowledge and, 2) no repairs have been undertaken in the property for 90 days prior to Closing Date. If the real property was improved during the 90 day time period prior to Closing, Seller must give the Buyer the releases or waivers of any construction liens that are signed by all the contractors, subcontractors, suppliers, and material men involved. A second Sellers’s lien affidavit must also be signed that states the names of all the contractors, subcontractors, suppliers, and everyone involved in the repair that confirms that all charges of these repairs and improvements that could result in a construction lien have been paid or will be paid at Closing.

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