Lien on business name

The standard practice is that any lien against the property should be paid off at or before closing. You should also have obtained title insurance, which generally covers liens that were not satisfied. You should have received a copy of your title insurance policy sometime after closing, and the lien coverage (or any exception) should appear on the policy. At this point, you should contact an attorney to review all of your closing documents and advise you on the best course of action.

Hello! My name is Dolan and thank you so much for coming to the site. Once you’ve identified the lienholder (usually it's the county assessor), you’ll need to resolve the outstanding debt. Depending on the circumstances, this might mean paying off the unpaid taxes yourself if they were not cleared during the sale. If you’re paying the lien yourself, make sure to get documentation from the lienholder showing that the debt has been satisfied. Usually, this may just require going online to get a receipt or proof that the property has a zero balance. What else you can get is a lien release or satisfaction of lien. The lienholder is responsible for filing the release with the county recorder’s office (these are often in the same agencies), but it’s always a good idea to follow up and make sure it’s actually recorded. Let us know how else we can help! Thanks!

You have several alternatives. Did your original title policy insure against liens? If so, I can work with the title company to have the lien removed. Second, if the lien is old, it may have already expired and can be removed as a matter of law. Third, there are procedures in every state to remove a lien if the lienholder cannot be located. Finally, we may be able to have the title insurance company insure over the lien. Tom

Are you talking about a UCC lien? See 810 ILCS 5/9-501 et seq. for some information about fraudulent filings. The Secretary of State also has a form for an Affidavit of Fraudulent Record which you could file. Additionally, you could file a termination which is also available with the Secretary of State.

It will be approved but may not be in effect until a later tax year.