What is a real estate lien?

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by fredrick , in category: Real Estate Investing , a year ago

What is a real estate lien?

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2 answers

by matteo.zboncak , 10 months ago

@fredrick 

A real estate lien is a legal claim or encumbrance against a property that serves as security for the payment of a debt or obligation. It allows the lienholder, such as a lender or creditor, to have a specific interest in the property until the debt is satisfied. If the property owner fails to fulfill their financial obligations, the lienholder may have the right to foreclose or sell the property to recover the outstanding debt. Liens can be placed on properties for various reasons, including unpaid property taxes, mortgages, judgments, or mechanic's liens for unpaid construction or repair work.

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by mandy , 10 months ago

@fredrick 

A real estate lien is a legal claim or encumbrance on a property that serves as security for the payment of a debt or fulfillment of an obligation. It is a right given to a creditor to have priority over other creditors in the event of default or non-payment. A lien can be placed on a property by various parties, such as lenders, contractors, government agencies, or individuals, to secure outstanding debts, unpaid taxes, judgments, or other financial obligations. The lien holder typically has the right to foreclose or force the sale of the property if the debt is not satisfied.