How Property Liens Work
Property lien services are just like any service provider wherein lawyers provide service for a fee. For others, this may mean front court costs, filing fees, and then a waiting time to receive payment for their services.
To guarantee payment without court delays, most lawyers choose to file attorney's liens on their client's properties and some potential settlements immediately and these are sometimes called as "property liens". With this, it ensures that lawyers receive payment for their services without delay when the settlements are finally paid or the property has been sold.
Each state has their own rules concerning the clients' and attorneys' rights in reference to property liens. For details, it is required to check with your county.
Just to remember, a property lien is a judgment laid on an individual's property in order to ensure payment for a tax debt. These liens can also be placed on a home, a car, or just any other property worth the total of the debt owed by the owner.
Now lawyers have rights to file either one of the two types of liens - a retaining lien or a charging lien, on a client's properties to guarantee payment for the services they have given.
A retaining lien carries to all of the client's property that the lawyer might come into possession of during lawsuit period. A charging property lien, on the other hand, gives lawyers the right to a portion of the judgment awarded to the client through direct effort and service of the lawyer filing the lien. It also includes court costs and filing fees. Until the lawyer is compensated for his services, he may hold a right in the final amount.
Click The Limited Time Offer At The Top Right To Claim Your Free Training System ($77 Value).
Click Here To Get Your Free Tax Lien Training System ($77 Value)
- Exactly How To Start Buying Tax Liens Today
- Tips For Tax Lien Auction Success
- How To Avoid The Mistakes New Tax Lien Investors Make
Note: Results May Vary