What is a Property Lien?

If you’re like most people, you’ve heard of a property lien – but what is it, and what does it have to do with real estate?
Here’s what you need to know.

Property liens are some of the most common issues homebuyers encounter – and they can trip up a sale.
A lien is a legal notice that the local government keeps on file as a result of an unpaid debt. For example, if a homeowner owes a contractor money and doesn’t pay his or her bills, the contractor can put a lien on the house.
The major types of liens include:

Mechanic’s liens. These liens are usually initiated by contractors, such as carpenters, painters and other repair companies. Often, these people put a lien on a house to make sure they’re paid – and once they receive their money, they cancel the lien.
Judgment liens. Homeowners who lose court cases and get a judgment against them may have a lien placed against their home.
Tax liens. People who fail to pay federal, state or county taxes may have a lien placed against their home by the government.

When you’re trying to buy a home and you find out that there’s a lien against it, you need to proceed with caution. If you knowingly buy a home with a lien against it, you become responsible for the lien.

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