Over the years, I've found that it usually ends up costing about $1,500 to fix a botched "homebrew" real estate transaction, which an attorney would have initially done for a couple hundred bucks. False economy, maybe?
As to the lien situation- The only way to do it properly is to find out what the security interest perfection procedure is in the state where the seller lives. Some have county filing, some state- most will not have both. In Washington, for instance, going to the county will get you only blank stares- most of the employees who remember county "chattel mortgage" filings have long since retired. Its purely a state procedure here. If the bank hasn't filed its UCC-1 properly, their security interest loses out to your purchase. If they have filed (and they generally will, or they aren't in the business very long), either you check liens, find it, and take precautions to make sure they get paid with your purchase money, or you don't check, they come after the equipment, and you wind up "walkin' down the road, talkin' to yourself".
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Today's Featured Article - Show Coverage: Godfrey, Illinois Country Days - by Cindy Ladage. Except for last fourth of July's Old Gold show in Springfield, Illinois, I don't remember when it was so hot. Nevertheless, the heat didn't keep vendors and visitors alike from enjoying the third annual Country Day's Event. Jane Elliott said the event was originally a one man show. "Barry Seiler, owner of Country Town Farm Supply store used to invite people up to the Johne Deere store. He would give hats and a free meal for everyone that brings a tractor." Elliott said while this
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