Types Of Liens On Real Estate

Homes For Rent In Durham Nc - Types Of Liens On Real Estate

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-A lien is a legal recorded claim against a property. The claim encumbers the asset as a means to acquire money owed, such as a mortgage, asset 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.

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Homes For Rent In Durham Nc

-Equitable lien. When a asset is held as collateral and the parties agree in a document, that the asset is used to acquire 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 ensue of an performance by a party or government agency straight through a court of law to acquire cost on a claim.

-Involuntary lien. State statues create real estate asset taxes. These taxes are a claim against the asset and the asset owner assumes the sculpture when purchasing a home. Unpaid taxes can ensue in a definite involuntary lien.

-Specific liens. Extra assessments and mechanics liens fall into this category. Unpaid contractors from home repair and remodeling projects can file a definite lien. Homeowner associations and local governing bodies can issue Extra assessments for repairs and improvements. Failure to pay these Extra assessments can ensue in lien being located 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.

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