Real Estate 101

Real Estate 101 - Lien

What is a lien?
A financial claim on the property. A lien gives a third party the right to a portion of the money from the property's sale. The most common type of a lien is a mortgage, because the bank has a right to a refund of their money from the property's value.
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What is Mechanic's lien?
Mechanic's lien is a lien that is filed by unpaid contractor on a property.
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What is a Judgement Lien?
Judgement lien is a claim placed on a property or properties by creditors, allowed by a court decision. It is recorded at the county courthouse. It is attached to all the properties owned in a given county, as well as any properties purchased in that county for certain period of time.
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What is a Tax Lien?
Tax Lien is a lien attached to a property or properties for nonpayment of income taxes.
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