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Any person buying a residential home, commercial or industrial property or multi-unit income property will either find the investment free and clear of all liens and encumbrances, which is a good thing, or saddled with various types of liens that can be assumed or not. This is where some common sense and research enters the picture along with one word to remember. Verify. This is easily done for little cost via a local title company. Or you can research the entire life of a property for free at your local county tax assessor’s office. If you plan on buying properties that have a lien be aware. Liens can be good, bad, or very ugly.
Good: If you can find and assume an existing voluntary lien (mortgage) on a property you like that already offers an excellent rate and terms, if the lender allows and you qualify, it could be a good thing.
Bad: Buying a property and assuming the sellers property or mechanics liens just because it sounds like a good deal.
Ugly: Buying or assuming any state, county or IRS federal tax liens and/or assuming all legal court judgments against any property.
Consensus: Research, investigate, and verify all liens.