outstanding water bills prior to OUR purchase from the bank

October 12th, 2011 by Jarad

Question:  In Illinois,if there are outstanding water bills prior to OUR purchase from the bank, do they get wiped out when the property is sold on the courthouse steps?

Answer:  – Yes, when the bank forecloses on a home and they get it back as an REO, in order for them to sell the property with a listing agent, the home usually has a clear title. If it doesn’t, you’ll be able to see what is clouding title when you go to closing. That’s also why you get title insurance. The title company is protecting you against any unpaid real estate taxes or liens.

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One Response to “outstanding water bills prior to OUR purchase from the bank”

  1. James K Says:

    Is this the case in all situations?
    Is title free and clear whenever you purchase a property from the bank?
    I’ve always heard that a bank will clear up any outstanding liens. I just want to be sure.

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