Today our attorney is doing a ‘lien search.’
Lien Search
It’s a search to make sure there are no liens filed against the stock so when you take title there aren’t any judgments unpaid which would transfer to you.
Basically, you don’t do this, then you could find out later you have to pay someone else’s debts. My thinking is that no mortgage company will give you a loan without one being conducted, and no lawyer worth his salt would let a deal go down without one, but it’s still good to know what the hell it is (I certainly didn’t).
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