Lien: Meaning, Key Features & Types Explained | Business Law Simplified
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Lien: Meaning, Key Features & Types Explained | Business Law Simplified
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What's a Property Lien? A property lien is like a legal claim on your home. It means someone has a right to part of your property or its sale money. For instance, if your property's worth $100,000 and you owe a creditor $10,000, they can place a lien. When you sell, $10,000 goes to them. Types of liens include mortgage, mechanic's (from unpaid contractors), judgment (if you don't pay debts), and tax (from unpaid taxes). Liens are recorded with your county and show up in a title search. Important
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A Winnipeg software engineer says a lien was placed on his home and 13 other properties owned by different people who share the same name. He had to prove he was not the man who owed $127,800 for the outstanding lease of a semi-trailer truck before the lien was removed. #mb #winnipeg #home #homeowner #law
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