| -A lien is a legal recorded claim against a property. The | | | | contractors from home repair and remodeling projects |
| claim encumbers the property as a means to collect | | | | can file a specific lien. Homeowner associations and |
| money owed, such as a mortgage, property taxes, or | | | | local governing bodies can issue special assessments |
| an unpaid debt owed to a contractor who performed | | | | for repairs and improvements. Failure to pay these |
| work on the property. There are other reasons liens | | | | special assessments can result in lien being placed |
| are recorded against a property.-Equitable lien. When a | | | | against a property.-Voluntary lien. When you have a |
| property is held as collateral and the parties agree in a | | | | mortgage and voluntarily agree that the mortgage lien |
| document, that the property is used to secure the | | | | is security for the lender in case you default on a |
| debt.-General liens. These liens all real estate and | | | | mortgage loan.Mark Nash is the author of |
| personal property. Court ordered judgments, probate | | | | "Fundamentals of Marketing for the Real Estate |
| actions, and IRS taxes fall under this | | | | Professional", "Starting & Succeeding in Real Estate", |
| category.-Judgment lien. This is the result of an action | | | | "Reaching Out: The Financial Power of Niche |
| by a party or government agency through a court of | | | | Marketing", and "1001 Tips for Buying and Selling a |
| law to collect payment on a claim.-Involuntary lien. | | | | Home". Mark is a contributing writer for: Realtor (R) |
| State statues create real estate property taxes. | | | | Magazine Online, Broker Agent News, Real Estate |
| These taxes are a claim against the property and the | | | | Executive Magazine, Principal Broker, and Realty |
| property owner assumes the statue when purchasing | | | | Times. His tried and true real estate tips has been |
| a home. Unpaid taxes can result in a specific | | | | featured on Business Week, CBS The Early Show, |
| involuntary lien.-Specific liens. Special assessments and | | | | CNN, HGTVpro.com, The New York Times, and USA |
| mechanics liens fall into this category. Unpaid | | | | Today. Purchase his books at . |