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Definition of a Lien
Realty is one of those tricky subjects where it seems as though everyone is an expert, but most people don't really know what they are talking about. If you are looking for a house in a Eugene zip code, you have probably received a lot of advice from a lot of places about how to proceed, different opinions on what the future holds for your property, and of course you have had dozens of different terms thrown your way.
One of those terms may be lien. This is a common word used when you are buying or selling real estate, and most of your friends have probably used it a time or two when discussing the purchase of Eugene or central Toronto homes. However, do you feel that they really know what they are talking about? More specifically, do you feel their knowledge is enough to help you make the right decision when it comes to your property? We doubt it.
Fortunately, you have come to the right place. We are going to define the term lien for you, and explain how it may affect you in different circumstances. This is going to be a fairly non specific article, so the information will help you whether you are wondering about property in Eugene Oregon or about a piece of Ajax real estate.
First, the definition. There are actually dozens of different kinds of lien, but they all mean the same thing. A lien always means that someone else has some kind of right to the property in question. That doesn't always mean the right of first ownership of the property; sometimes it can mean just money owed on a property. In fact in real estate, this is usually what it means when there is a lien placed on real estate in Georgetown Ontario.
Liens are always the responsibility of the home owner to pay off. It does not matter if you are the owner who incurred the debt in the first place, or if it was someone else, whoever has title to the Mississauga real estate in question is the person who owes the money to the other party.
The most common type of lien is the mechanic's lien, which is money owed to a developer or builder on improvements or the construction of a home. The person who contracted the work has not yet paid, so there is a lien on the home.
If you are buying a home, then you need to understand that this lien will become your responsibility when you take ownership. That is why it is important to do a title search before you purchase Eugene Oregon or Brantford Ontario real estate. If that lien is not paid off, you could buy the house and still owe more money to the person holding the lien.
For sellers, it is important to get that lien removed so that you can sell your home for what it's really worth. Otherwise, it is an excellent bargaining chip for potential buyers. Also, if they don't discover the lien on their own, there is always the chance they could sue you for the money after the sale is complete.