Buying a house with an IRS lien on it

[ohiobob1956]

I am buying a house with an IRS lien on it. On the real estate purchase agreement that the seller signed it says; "Seller shall have 6 months to negotiate a settlement of such lien with the IRS. At the end of such period, purchaser shall have the option of either (a) terminating this agreement or (b) proceeding with the closing of the purchase of the property and either (i) taking title to the property subject to any existing liens or (ii) negotiating and paying off such lien himself at closing." Does the phrase "taking title to the property" and the other parts of the contract that I just quoted mean that after 6 months if the seller has not negotiated a settlement with the IRS to remove the lien, I can go ahead and put my name on the title of the house without the seller having to sign anything else? Thank you for your advice.

 

[army judge]

Anytime you sign an important contract you are always best served to have YOUR lawyer review the instrument and advise you accordingly.

You're spending 50, 60, 80,000 dollars (or more), but you trust the seller's lawyer to protect your interests, too


Very foolish.

Buyer beware.

The victim of an IRS lien (or any lien, for that matter), can always return to redeem his/her debt.

Buyer beware.


You spend money on a home later learning the victim of the lien inherited a fortune from Old Aunt Tillie and returns to redeem what was stolen by the greedy IRS thugs.




Buyer beware.


That language in your contract isn't there cause it sounds "so purty and all legal like"!

It's there to allow you to be financially raped under the right circumstances.

Buyer beware.