2007-01-22 08:03:00 · 6 answers · asked by slvrback05 1 in Business & Finance ➔ Renting & Real Estate
A lien is an encumbrance on your title or deed. It can be as simple as a mortgage against your property or a tax lien for unpaid taxes. A lien stays in place until it is resolved. Your county courthouse records have the recorded liens against your property. A title search when you buy a property finds all the liens against it. Liens are sometime referred to as "clouds on the title"
2007-01-22 08:09:39 · answer #1 · answered by lumberman57 4 · 0⤊ 0⤋
If you own a home and have unpaid debts a creditor can put a lien on your home. If you then want to sell your house, you cannot sell it until the debt is paid off. When buying or selling a home your realtor usually runs a Title search and this will show if there are any other owners of the property or liens or unpaid taxes. If you are looking to buy a house and find a lien on it, this is a red flag that many buyers don't want to deal with.
2007-01-22 08:13:14 · answer #2 · answered by 2craz4u 3 · 0⤊ 0⤋
A lien is something that asserts rights on a piece of property.
For example, a mortgage is a lien on a home. The lien means that the home can't be sold or transferred without the lienholder's permission. Typically granted by being paid off.
A tax lien is similar, in that it enjoins you and your major assets. You can't do much until the lien is paid.
Main Entry: lien
Pronunciation: 'lEn, 'lE-&n
Function: noun
Etymology: Anglo-French lien, loyen bond, restraint, from Latin ligamen, from ligare to bind -- more at LIGATURE
1 : a charge upon real or personal property for the satisfaction of some debt or duty ordinarily arising by operation of law
2 : the security interest created by a mortgage
2007-01-22 08:06:58 · answer #3 · answered by Anonymous · 2⤊ 0⤋
lien [ leen, l ən ] (plural liens)
noun
Definition:
legal claim on somebody's property: the legal right to keep or sell somebody else's property as security for a debt
[Mid-16th century. Via French < Latin ligamen "bond" < ligare "bind"]
2007-01-22 08:08:35 · answer #4 · answered by Anonymous · 0⤊ 1⤋
you have used your real estate as collateral... the lien allows the note holder to take your property if you don't pay according to the terms.
2007-01-22 10:51:07 · answer #5 · answered by Anonymous · 0⤊ 0⤋
The right to take and hold or sell the property of a debtor as security or payment for a debt or duty.
That was from the dictionary.
2007-01-22 08:07:21 · answer #6 · answered by lady_daizee 3 · 0⤊ 0⤋