Types Of Liens On Real Estate
Source: Mark Nash - United States
-A lien is a legal recorded claim against a property. The claim encumbers the property as a means to collect money owed, such as a mortgage, property taxes, or an unpaid debt owed to a contractor who performed work on the property. There are other reasons liens are recorded against a property.
-Equitable lien. When a property is held as collateral and the parties agree in a document, that the property is used to secure the debt.
-General liens. These liens all real estate and personal property. Court ordered judgments, probate actions, and IRS taxes fall under this category.
-Judgment lien. This is the result of an action by a party or government agency through a court of law to collect payment on a claim.
-Involuntary lien. State statues create real estate property taxes. These taxes are a claim against the property and the property owner assumes the statue when purchasing a home. Unpaid taxes can result in a specific involuntary lien.
-Specific liens. Special assessments and mechanics liens fall into this category. Unpaid contractors from home repair and remodeling projects can file a specific lien. Homeowner associations and local governing bodies can issue special assessments for repairs and improvements. Failure to pay these special assessments can result in lien being placed against a property.
-Voluntary lien. When you have a mortgage and voluntarily agree that the mortgage lien is security for the lender in case you default on a mortgage loan.
Mark Nash is the author of "Fundamentals of Marketing for the Real Estate Professional", "Starting & Succeeding in Real Estate", "Reaching Out: The Financial Power of Niche Marketing", and "1001 Tips for Buying and Selling a Home". Mark is a contributing writer for: Realtor (R) Magazine Online, Broker Agent News, Real Estate Executive Magazine, Principal Broker, and Realty Times. His tried and true real estate tips has been featured on Business Week, CBS The Early Show, CNN, HGTVpro.com, The New York Times, and USA Today. Purchase his books at http://www.1001RealEstateTips.com
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