noun. ˈlēn. : a charge or encumbrance upon property for the satisfaction of a debt or other duty that is created by agreement of the parties or especially by operation of law. specifically : a security interest created especially by a mortgage. assessment lien.
What does my lien mean?
A lien secures the governments interest in your property when you dont pay your tax debt. A levy actually takes the property to pay the tax debt. If you dont pay or make arrangements to settle your tax debt, the IRS can levy, seize and sell any type of real or personal property that you own or have an interest in.
What is the meaning of no liens?
No Liens is a legal term used in the context of contract law, typically referring to a guarantee or assurance that a property or asset is free from any claims or legal holds by creditors.
What does a no lien letter mean?
This letter verifies that there are no municipal liens filed against the property. It further indicates if there are any outstanding Sewer Charges/Taps or Real Estate Taxes that need to be satisfied. Finally, the No Lien Letter also verifies that a dye test has been conducted and that the property has passed the test.
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Related links
lien | Wex | US Law | LII / Legal Information Institute
A lien is a security interest or legal right acquired in ones property by a creditor, or lienholder. A lien usually prevents sale of the property.
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