Security for owner's debt to creditor or third party.
It's like an insurance in a sense, you keep the belongings of the person who owes you money until they pay up. So if they don't you keep it.
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The IRS files the Notice of Federal Tax Lien (NFTL). The purpose of this is to establish the Government's right of priority against specific third parties.
No. The purpose of a lien is to notify the world that someone has some type of claim against your property or some form of interest in it. The property would remain subject to the lien
The lien doesn't usually affect after-acquired property unless it's an income tax lien. You cannot mortgage, refinance or sell the property against which the lien was recorded. That is exactly the purpose of recording a lien in the land records.
Tax liens must be paid before title to the property is transferred. The purpose of a tax lien is to prevent the property from being transferred before the lien is paid.
Pay them.Child support and the IRS are what we call forever debts,not a court in this land would dismiss either one.Bankruptcy court can not touch them,you can list but trust me when you sell these people will get there monies....
Yes. If you purchased a home with a lien on it you are responsible for paying the lien. That's the purpose behind recording a lien in the land records: to notify potential buyers that there is a lien against the property that must be paid off by the owner. That is the reason you should always have an attorney represent you in the purchase of real property. The attorney will order a title examination that will disclose any outstanding encumbrances, including liens.Yes. If you purchased a home with a lien on it you are responsible for paying the lien. That's the purpose behind recording a lien in the land records: to notify potential buyers that there is a lien against the property that must be paid off by the owner. That is the reason you should always have an attorney represent you in the purchase of real property. The attorney will order a title examination that will disclose any outstanding encumbrances, including liens.Yes. If you purchased a home with a lien on it you are responsible for paying the lien. That's the purpose behind recording a lien in the land records: to notify potential buyers that there is a lien against the property that must be paid off by the owner. That is the reason you should always have an attorney represent you in the purchase of real property. The attorney will order a title examination that will disclose any outstanding encumbrances, including liens.Yes. If you purchased a home with a lien on it you are responsible for paying the lien. That's the purpose behind recording a lien in the land records: to notify potential buyers that there is a lien against the property that must be paid off by the owner. That is the reason you should always have an attorney represent you in the purchase of real property. The attorney will order a title examination that will disclose any outstanding encumbrances, including liens.
A lien title means that the car has a loan against it. If you do not have a "clear" or non lien title, the lender who hold the clear title can and does have the right to get the balance of the loan from you. The purpose of the lien title is to enable the car buyer to get the legal requirement for driving the car from the state. It's like renting the car in essence; the lien title is almost like the lease agreement for an apartment.So if a lien title is all there is...don't buy the car. It's not his to sell.Somebody has to settle the lien before you can legally own or register the vehicle.
To let lenders take back property they financed if you don't repay your loan
A lien prevents the property from being sold without paying off the creditor. After a certain period of time, it is possible to foreclose on the property, sell it, and collect the amount of the lien, the balance going to the property owner or other creditors.
The lien would remain on the property. That sort of thing should show up on the title examination BEFORE the sale. Then the buyer could have required the seller to pay it. That's the purpose of a "lien". You may have to have an attorney write a letter to the title company--ultimately they are paid to find such things and make sure that they get it paid at closing. The lien must have been properly recorded.
You go to the DMV in your area and have them do a lien check. If the title is from out of state you must contact that state dmv for the same purpose. If a lien-holder is noted on the front of the title, you may also contact them to determine if the lien has been released. Obtain a copy of the release statement.