We bought a condo in 2008 and have recently found out that there is a tax lien on the property (since 2007). Closing attorney did not pick this up and we do have title insurance. The title insurance company wants to wait out the IRS and only do something if the IRS moves to foreclose. I am worried that the tax lien could exceed what we paid for the condo and thus make us liable. Also - what is our closing attorney's responsibility?
2 Answers from Attorneys
You should contact a lawyer. You have a claim, probably, against the title insurance company and against the attorney. If you would like to discuss this in some detail, without charge or obligation, please give me a call or e-mail ([email protected] . com)
Do not wait to file your claim.