In property transactions, it's crucial to discern between lienable and non-lienable utility balances, as they can significantly impact ownership responsibilities.
Lienable Utility Balance: This type of balance remains attached to the property, irrespective of ownership transfers. It often arises from outstanding utility accounts initiated by previous property owners. Failure to address or settle this balance before closing means it becomes the buyer's responsibility.
Non-Lienable Utility Balance: Contrary to lienable balances, non-lienable balances prompt the utility company to pursue collections directly from the account holder. It's important to note that utility companies in Florida may differ in their approach to such balances.
Understanding the distinction between lienable and non-lienable balances is crucial for property buyers and sellers alike, ensuring a smooth and informed transaction process.