-A lien is a legal recorded claim against a property. The claim encumbers the property as a means to derive 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 derive the debt.
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-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 operation by a party or government group straight through a court of law to derive payment on a claim.
-Involuntary lien. State statues generate real estate property taxes. These taxes are a claim against the property and the property owner assumes the sculpture when purchasing a home. Unpaid taxes can result in a definite involuntary lien.
-Specific liens. Special assessments and mechanics liens fall into this category. Unpaid contractors from home mend and remodeling projects can file a definite 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 settled 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.
Types Of Liens On Real Estate
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