What Is a Property Lien? - Episode 595
Investing in Real Estate with Clayton Morris | Investing for Beginners
Clayton Morris
4.1 • 1.1K Ratings
🗓️ 4 March 2020
⏱️ 13 minutes
🧾️ Download transcript
Summary
What is a property lien and how does it work? On today's show, we're explaining the different types of property liens, and what you can expect as a real estate investor. You'll learn about different situations that might warrant a property lien, and how to understand your rights.
On this episode of Investing in Real Estate, Natali and I are sharing our experience with liens, the difference between good and bad liens, and more! If you want to know what to expect about property liens, this episode is for you!
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Transcript
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| 0:00.0 | Today we're talking about property leaves. What are they and how do they work? |
| 0:10.0 | Let's dive into it. Hey everyone, I'm Clayton Morris. |
| 0:13.0 | I'm Natalie Morris. |
| 0:14.0 | And this is the show where we help you build financial intelligence so you can build financial |
| 0:18.0 | freedom. |
| 0:19.0 | We've done it, buy and hold real estate. |
| 0:20.0 | So we teach you how to buy and hold real estate for the rest of your life. |
| 0:24.2 | And with that comes liens, liens on properties, right? |
| 0:28.0 | We've had our fair share of these. |
| 0:29.7 | We have, and there are good liens and there are bad liens like a good witch and a bad |
| 0:34.2 | which right and so you just need to understand what a lien is and what your rights are |
| 0:40.7 | as the property owner. |
| 0:42.8 | So at the highest level, |
| 0:44.3 | Alene is simply someone's legal right |
| 0:47.7 | to a possession of yours. |
| 0:49.6 | Absolutely right. |
| 0:50.4 | So Alene is basically a list that is recorded with the county where the property is of who is owed on this property. |
| 0:59.0 | Now an example of a good lien, right, usually, is a mortgage or a home equity line of |
| 1:06.5 | credit or something like that from the bank, right? You didn't put all the money into |
| 1:11.0 | buying this, you asked the bank for help, the bank is recorded usually in first |
| 1:16.1 | position as a lien holder, right? That means if the property is sold and they don't get paid back because you maybe have defaulted on the loan or something, they are in first position to get their money paid back. |
| 1:29.6 | Now the mortgage holder is almost always in first position but will get knocked out by the city or the county. |
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