“A tax lien is a legal claim against your assets, including real estate, personal property, and financial assets, to secure the payment of your tax debt,” Stivers says. You also could get hit with a state or county tax lien. The IRS files these documents with the county ...
In order for any real estate sale to close, the title must be clear — that is, free of any claims or doubts about ownership. That means if there is any sort of lien or claim to the property, the closing cannot proceed until that issue is cleared up. The Internal Revenue Service or...
A letter of intent, or LOI, is a non-binding document that starts the negotiation between two parties that want to do business.
A lien against a judgment debtor’smust be recorded in the local registry of deeds in which the property of the debtor is located. The lien acts as a cloud, or defect, on the title to the property. Before the property can be sold or freely transferred, the lien must first be dissolved...
brought, and the creditor obtains a judgment. In New York, a judgment is effective for 20 years and accrues 9% interest annually. It can be collected through wage garnishment, asset seizure such as a restraint on bank accounts, and by placing a lien against the consumer's real prope...
with respect to HOA fees is not to overlook them when you're buying a home. As part of closing escrow, you must certify that you'll abide by the HOA's rules -- and that includes paying the fees. Typically, if you are delinquent on the fees, the HOA can put a lien on your ...
While a lien is a security interest on your property such as a mortgage or attachment of a court judgment, a lis pendens is insteada notice to you and to any other potentially interested parties that there is a legal claim against and/or concerning your property. ...
Transfer tax: Many states impose a transfer tax when real estate changes hands. Often, the seller pays this tax, but in some places, it’s shared by the buyer too. Other fees: Sellers also pay some of the same fees buyers do, such as an attorney’s fee and prorated property taxes....
Home mortgages allow a much broader group of citizens the chance to ownreal estate, as the entire purchase price of the house doesn’t have to be provided up front. But because the lender actually holds the title for as long as the mortgage is in effect, it has the right toforecloseon ...
A lien is a claim that one person or other entity has over the property of another as security for the payment of a debt. Liens can be either voluntary or involuntary. A voluntary lien is contractual or consensual, meaning that the lien is created by an action taken by the debtor, such...