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NWT, ACRIS question

Started by crescent22
over 12 years ago
Posts: 953
Member since: Apr 2008
Discussion about
NWT, or anyone, If ACRIS does not show any mortgage filing like UCC1 with a purchase, does that definitely mean the new owner has no mortgage on it? Thanks.
Response by NWT
over 12 years ago
Posts: 6643
Member since: Sep 2008

With a co-op share loan, the UCC1 is usually filed before the closing is. A condo mortgage is usually recorded within a few days.

If the lender lent without security, or if the lender got the block/lot wrong, if the city misfiled the documents, then nothing would show. The lender would fix that pretty quickly, though, as otherwise the lender loses its priority.

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