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A lien is a claim that allows a creditor to seize and sell collateral (for example, your home) to pay off unsatisfied debt. ... Property tax lien: Your state or local government can issue a ...
second lien—a lien that ranks next after a first lien on the same property. secret lien—a lien not appearing of record and unknown to the purchasers; a lien reserved by the vendor and kept hidden from third parties to secure the payment of goods after delivery. [26] solicitor's lien—the right of a solicitor to recover his costs from a ...
This process is also called "perfecting the security interest" in the property, and this type of loan is a secured loan. [2] A financing statement may also be filed in the real estate records by a lessor of fixtures to establish the priority of the lessor's rights against a holder of a mortgage or other lien on the real property.
A false lien is document that purports to describe a lien, but which has no legal basis, or which is based upon false, fictitious, or fraudulent statements or representations. In the United States, the filing of false liens has been used as a tool of harassment and revenge in " paper terrorism ", often against government officials.
In real estate business and law, a title search or property title search is the process of examining public records and retrieving documents on the history of a piece of real property to determine and confirm property's legal ownership, and find out what claims or liens are on the property. [1]
Many States distinguish between the types of real property upon which a mechanics lien can be filed. Under the principle of sovereign immunity, real property of the government (public property) is ordinarily not subject to the claims of private parties. Therefore, unless the state specifically so provides, mechanic's liens do not attach to the ...
A tax sale is the forced sale of property (usually real estate) by a governmental entity for unpaid taxes by the property's owner.. The sale, depending on the jurisdiction, may be a tax deed sale (whereby the actual property is sold) or a tax lien sale (whereby a lien on the property is sold) Under the tax lien sale process, depending on the jurisdiction, after a specified period of time if ...
It is an inherent vagary in the lien release law. In the United States, some states only use a conditional waiver on progress payment and an unconditional waiver on final payment. The mechanics lien process can be of great value to claimants in enforcing their claims, if done according to the laws of the various states, or the federal ...
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