How do you find a lien on your property?
How do you find a lien on your property?
As you know a lien is a legal right or claim against a property by a creditor, so it is important to know how to find it. Generally, liens are in the public realm. The website of the county recorder, clerk, or assessor typically allows free searches by address. Alternatively, you can appear directly at the county’s office, or you can hire a title company to conduct the search for you.
Property Liens Types:
Divorce lien:
Couples who use a divorce lien sign a deed transferring title to the house from the spouse who will not be living in it. Former spouses will sign a payable note and a deed of trust for the house. The note is known as a divorce lien.
Construction liens:
The purpose of construction liens is to protect professionals from their services going unpaid. Construction liens make it difficult or impossible to sell a property or refinance it since they encumber the title. It can be forced to sell the house to provide compensation in the worst-case scenario.
Judgmental liens:
As a result of a court ruling, a creditor has the option of seizing a debtor’s property when he or she does not honor a contract. In contrast to equitable liens, judgment liens are not consensual, since they are attached without the owner’s consent.
Tax liens:
When you neglect or fail to pay a tax debt, the government may file a tax lien against your property. The lien safeguards the government’s interest in all your assets, including real estate, personal property, and financial assets.
Voluntary liens:
Voluntary liens exist when a person takes possession of another’s property as security for the repayment of a debt. The lien attaches to the property, rather than the owner.
Involuntary liens:
Liens imposed by an outside authority against the will of the owner are known as involuntary liens. An involuntary lien is usually placed on a property due to unpaid debt obligations instead of a mortgage lender placing a lien on the property.
Ways to know about the lien property:
Checking for liens is crucial before investing in a property. There are three ways to do this:
Check County records checking:
If you are interested in getting a lien record for a property, you should contact the county’s recorder, assessor, or clerk. Depending on the county, you can often simply search property records on the assessor’s website.
Consult a Title Agent to resolve mortgages liens:
Title Agents have expertise in identifying liens, pulling property records, and documenting the full history of a property’s title. If your Maryland Mortgage Lenders require title insurance, you can purchase it through this agent. Title issues will be protected if they arise in the future.
Online lien tool searching:
Companies offer online tools for searching property titles and liens. Be aware that these tools aren’t free.
Do you want to buy a property with a lien?
Well, it is always said that buying a property with a lien is bad. But as there are two different types of liens I will consider choosing Consensual liens as they do not impact the credits.
Image attribution: Chapay – Pixabay