Most individuals today dream of purchasing their own house. Most of the people do not have enough money to buy the house, in such cases they do take debt from outside. A lien is a specific form of security interest granted over an item of property in order to secure the payment of a debt. Lien services can be used in other forms of mortgage or charge and non-possessory security interests.
Details About Construction Lien:
A construction lien is a legal instrument and public record that states that there is the presence of a valid, unpaid debt against the specific real estate named. The possibility of a lien arises whenever improvements are made to real estate in the course of construction or remodeling projects. In order to receive the construction lien, the preliminary notice is being issued as the first requirement. After that, if a proper payment is not received then a warning letter is being also issued. Before a construction lien can be recorded, the notice of intent to lien must be provided to the property owner. Various people do have the right to lien the property such as anyone that supplies labor, material or expertise onto the property. The list includes builder, electrician, plumber, excavator, carpenter, drywaller, mason, painter, roofer, architect, landscaper, etc., and their suppliers.
When Lien is Placed Against a Property:
Often a question can come up to the mind of the people that what happens if a lien is being placed against your property. Well, it is better for you to know that a lien is a serious threat to your property title. Apart from a threat to the title, you may also face embarrassment regarding the entire matter. The party placing the construction lien can petition the court to sell your property at public auction. The entire matter of removing the lien from the property is also very complicated. It is not likely that a lien will be released or will be satisfied without payment to the lien holder. On the basis of payment and acceptance of the amount due, the owner has the right to demand a lien satisfaction from the lien claimant.
Benefits of Lien Services:
Lien services provide a lien right security program that is not expensive or complicated. They do offer the company the means to quickly and easily utilize the security and legal recourse of lien rights for timely and proper payment. Along with it, you can also be assured of cost effective service and low fees assuring substantial savings over other services, attorneys or also doing the work itself. They also take care of research, verification, preparation and delivery of the preliminary notices, notices of intent and lien or bond claims.
Lien Services order notice and claim procedures are structured for the small one-person operation or the large subcontractor or material supplier. There is a provision for the clients who may call upon in order to employ routine lien right protection for all jobs or for the occasional payment problem.