A property lien is a judgment placed on an individual's personal property or real estate to secure payment for a debt. It can be placed on your home, car, or any other property that is worth the amount of the debt owed.
In its most basic form, a tax lien is a way to legally guarantee that an individual, business or lender will be paid for a debt, by placing a restriction on the debtor's property, which limits them from transferring its title or using it as collateral to obtain further financing.
Tax Liens when placed on a type of personal property of real estate is known as Property Tax Lien or Tax Lien Properties. The most common lien today is a mortgage. Other types include: mechanic's liens; attorney's liens and tax liens. Each type sports its own rules and deadlines regarding filing, and may vary widely from state to state or even county to county.
There are two types of Property Lien: the particular lien; and the general lien. Particular liens arise when a person claims a right to retain property, in respect of money or labor expended on the property in question. This kind of lien may be issued in one of three ways: by express contract; from implied contract as in usage of trade); or by legal arrangement of the two parties (as when a contractor finishes contracted work on the property or goods have been salvaged from the sea).
In contrast, general liens are issued when: an agreement is reached between the two parties; by general usage or trade; or by particular usage or trade. The party owed the money in the first place may only attach property Liens.
A Lien on Property may be waived when the debt is either paid in full, or upon agreement between both parties. When liens go unpaid, the lien holder may require immediate payment, or take possession of the property in accordance with local lien laws and regulations. Liens may also be sold at auction for the price of the lien (regardless of the property's value), to a third-party investor. This is most commonly done with tax liens and mortgages.
Find Property Lien Records
Lien on Properties is not very uncommon in the U.S. Since the records of such Property Lien are made open to pubic, Property Lien Search is easy and can be accessed within minutes. All records are available there, free of cost for anyone who wishes to find out. All property lien records are placed on the database as a part of the online public records under the clauses like possession, cessation and completion. The database can be further categorized as per the city or county.
Today, even the forms for filing a mutual lien case are made available online. With the help of Property Lien Record, it becomes easier to know whether an individual has any properties and estate under lien and thus become aware of his liabilities (and financial conditions) before we indulge into any sort of Financial dealings with him/her. These records often become handy in making one aware of his/her debts in terms of tax or other monetary issues.
Liens give us a legal claim to your property as security or payment for your tax debt. By filing notice of this lien, your creditors are publicly notified that we have a claim against all your property, including property you acquire after the lien is filed.
Property Lien records contain details regarding the liens that can be claimed against a particular property. These liens can be on real estate or other valuable personal property such as vehicles, motorcycles and similar items. Property Liens give a useful insight into a person's financial background. While one lien on a person's property might not signal much but the presence of multiple liens on personal property might indicate that a person's finances are in a bad shape and that he is probably heading towards bankruptcy.
When you perform background checks on a person, it is easy enough to check court records for property liens issued for a particular person's property. The procedure is quite similar to checking and cross-referencing standard court records of a person. You need a PC with an Internet connection to log on and find the necessary records outlining the property liens.
The Public Access to Court Electronic Records program is one of best bets when you are looking for property lien records online. They offer comprehensive searches of the electronic database of records maintained by each court. Once you register on their website, you will be redirected to the appropriate database.
The PACER program benefits can be enjoyed for as little as 8 cents for viewing documents. This makes it affordable and convenient for anyone wishing to check records maintained regarding property liens.