lien
When you owe money to somebody, they may register a lien against your property. A lien is a form of protection, to ensure the money is eventually paid. It does not mean the payment is overdue. For example, if you install a new furance which you are paying for by installments, the furnace company may register a lien (called a mechanics lien) on your property. If you were to sell the property, you would have to pay the remaining amount, or it would be deducted from the purchase price. Other types of lien include a construction lien (when an addition or renovation has been made to your house) and a tax lien (when property taxes or income taxes have not been paid).
Related Articles
Have a question? Don't hesitate to ask me, I'll be happy to help.
Home to Home Realty Inc., Brokerage — 23 Epsom Downs Drive, Brampton, ON L6T 1Y7
Ph: 905-793-9233 — Fax: 905-799-6164
Not intended to solicit those already under contract with a brokerage
Website by Saul Marquard Design. All content copyright 2010 Peter Bottcher.
