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What is a property lien and how does it work? On today’s show, we’re explaining the different types of property liens, and what you can expect as a real estate investor. You’ll learn about different situations that might warrant a property lien, and how to understand your rights.
On this episode of Investing in Real Estate, Natali and I are sharing our experience with liens, the difference between good and bad liens, and more! If you want to know what to expect about property liens, this episode is for you!
On this episode you’ll learn:
- What a property lien is.
- The difference between good and bad liens.
- And more!
What a Property Lien Is
A property lien is someone’s legal right to your rental property. If debts are not paid, the lien holder is ensured by law to be paid back. In essence, a lien is protection for the lender or other party. A lien is recorded at the county and a notice is sent to the property owner.
The Difference Between Good and Bad Liens
A good lien is typically a mortgage, HELOC, or other type of lender. Banks automatically put a lien on your property when you take out a mortgage, simply to ensure they will get paid back. Bad liens are from other debt collectors such as contractors or utility companies. Another example of a bad lien is if you do not pay your taxes.
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