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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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14y ago

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What is the purpose to prepare the Lien Release?

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What is the purpose of the IRS's filing of the Notice of Federal Tax Lien?

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.


Does a deed transfer negate a lien?

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


If you have a lien placed on your house does this mean you can't refinance your mortgage OR buy a new home until that lien is removed?

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.


Can a tax lien be assumed by the buyer of a property in Ohio?

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.


How can you get a lien removed from your property due to child support?

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....


Are you responsible for someone elses lien on your new house?

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.


What happens if i buy a car with a lien title from the owner?

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.


What is the purpose of a lien when you get a secured loan?

To let lenders take back property they financed if you don't repay your loan


What is the purpose of a lien being placed against real property?

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If a house has a lien from the neighborhood HOA and sells and the lien is not paid who pays?

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How can you find out if a car title is clean?

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.