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Here’s what you need to know about property liens, including different types, their consequences and how to check for a lien on your property. What Is a Lien? A lien is a legal right, or claim ...
A full coverage search is usually done when creating a title report for sale/resale transactions and for transaction that involves construction loans. It generally includes searches related to property lien, easements, covenants, conditions and restrictions(CC&Rs), agreements, resolutions and ordinances that will affect the real property in question.
In the majority of states, property owners can perform a lien search by providing the property address to the county recorder, clerk or assessor’s office. You might need to pay a nominal fee to ...
When a property has a clear title, that means the title is free from liens or other claims that could call its ownership into question. If you're buying a home with a mortgage, your lender will ...
junior lien—a lien that is junior or subordinate to another lien on the same property. landlord's lien—a lien that empowers a landlord to seize a tenant's property and sell it to satisfy overdue rent. manufacturer's lien—a statutory lien that secures payment for labour or materials expended in producing goods for another.
A mechanic's lien is a security interest in the title to property for the benefit of those who have supplied labor or materials that improve the property. The lien exists for both real property and personal property. In the realm of real property, it is called by various names, including, generically, construction lien.
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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.
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