A Property lien is defined as a charge to a property in order the need to satisfy a debt or obligation. Owners may be eligible to allow a lien on real property to be instituted so that mortgage financing can be available to purchase a property.
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A real property lien can also be as a result of a debt that the properties owner has which is not in relation to the property itself.
Below, are some instances where this may occur:
- When there are taxes from income or sales which can later become a lien on the property owners’ assets in the event that the authorities pursue legal procedures.
- In some states, there may be a lien filed when there is unpaid child support
- In divorce cases, the courts can award a spouse the ownership of the home, and grant the other a property lien to the set amount of interest that the individual had in the property at time of divorce.
If someone fails to pay back a debt which is owed, the creditor may go to court to obtain a judgment whereby the law will permit so that it transfers to the debtors’ property. If the property is sold and the debt is not paid, the debt may still be satisfied, even after the property has been sold. In many transactions, a mortgage lender will not allow financing until all of the liens that are related to the property have been absolved.
The governing laws of which define the rights of contractors, allow for the placement of a lien on properties based on the state which the property is in. A contractor may be able to file an instrument (notice of lien) to the land records division when payment has not been made on services or materials for improvements on properties. In this case the claim may become an encumbrance to the property. Many states hold that a contractor is mandated to file notice of lien before they are allowed to commence work.
Are you involved with a matter involving aFlorida property lien? Contact the law of Mittelberg and Nicosia to resolve Florida property lien matters for you today.
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