A lessor owns an asset and grants its use to another under a lease; a lienholder has a legal claim on an asset until a debt is paid.
Understanding a lien on a car means exploring the complex world of vehicle ownership. A lien is a legal claim a creditor has on a vehicle. It’s used as security for a debt. When you finance a car, the lender gets a legal right to it until you pay off the loan. About 20-30% of...
Car sellers and buyers have different roles when it comes to lien release. Learn more about a lien release and how it affects the car buying process.
What is a lien release? A lien release removes the lien claim once the loan is paid off in full. When you pay off your loan and fulfill all other aspects of your agreement, your lender will “release” the lien and sign over the title to you. Once this is complete, the car is you...
A waiver of lien is used to waive a specified amount of lien rights in exchange for payment, while lien release is used to release an already filed claim. What are the types of lien waivers? Conditional lien waiver Сonditional lien waivers are provided by suppliers or subcontractors before ...
First, it could be a document that a contractor signs and submits along with an application for payment. A construction lien release in this sense is also known as a lien waiver. Essentially the contractor is telling the person that is paying that upon receipt of payment the contractor waives...
A“Lien Waiver & Release” is a legal instrument used in the construction industry to waive a party’s right to file a Lien, assert a Payment Bond Claim or seek money damages for improvements made or provided to a Property, in exchange for money paid, or to be paid to the party execut...
as promised, however, such as if the check is dishonored, the contractor is allowed to revive the lien against the property. The lien will then continue to give that contractor a security interest in the property. Therefore, the conditional lien release protects both the contractor and the ...
In a lien release, the lienholder is giving up his right to enforce the lien, and the owner is giving money to the lienholder for the release. A typical sentence could be “In consideration of [dollar amount], [lienholder] releases the lien associated with the property described above.”...
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