Home>Levelset Community>Legal Help>Illinois law for property being sold the owner has to wait 3 days before receiving money . Lawyer checks 1 final time??
Illinois law for property being sold the owner has to wait 3 days before receiving money . Lawyer checks 1 final time??
Illinois law for property being sold the owner has to wait 3 days before receiving money . Lawyer checks 1 final time??
1 reply
Apr 13, 2020
When a property is being sold, the title is typically checked throughout that process to ensure a clean title. This is especially true when there's work that's recently been done on the land. When there's been recent work, a title company or lawyer facilitating the closing should be on high alert for potential mechanics lien claims. Obviously, it's possible that a claim could fall through the cracks though.
Still - there are a few things worth noting regarding property closures and mechanics lien rights.
Mechanics liens and property sales
First: It's possible to sell property with a mechanics lien on it. A lien won't legally block a sale. Now, a lien claim will raise plenty of red flags with title companies, attorneys, and the new owners - and, practically, that might stop a sale in its tracks. But, if everyone's ok with the lien, or if the buyers aren't aware of the lien, then a sale can still take place.
Additionally, keep in mind that if the mechanics lien is actually filed before the property is sold - that lien won't just disappear. Rather, the lien claim will generally run with the property and it'd become a problem for the purchaser (and, the purchaser would likely make that a problem for the seller). So, if your lien was recorded before the sale of the property, it'd be wise to follow the normal steps after a lien filing to make sure the new owner is also aware of the claim. And, making a purchaser aware of a lien claim against the purchaser is a great way to put pressure on the seller to force payment.
I hope this information was helpful. Feel free to reply here or to post another question with any additional questions or details you may have.