In the world of real estate, there is another type of concern when it comes to the term "lien." Construction liens are a common issue in the industry, as any party involved in providing goods or services on a job site can file a formal lien on the property if they are not paid. This includes contractors and suppliers who may not have been paid by the homeowner or general contractor. It's important to ensure that everyone is paid what they are owed and that sworn statements and lean waivers are used to manage payment.
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When transferring property in Michigan, it’s important to ensure that taxes are current, as they become a lien on the property when the tax bill is issued. Failure to pay taxes will result in the deed not being recorded.
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Types of real estate liens
Lien on a title is a common occurrence and is typically caused by government or personal judgment liens. The process of obtaining a release can be complicated, and it may take time to get a payoff from the government.
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Types of real estate easements
This video discusses easements and the issues that can arise when dealing with them in real estate transactions. Easements are legal documents that give someone the right to cross a property to access their own property.
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