Included here are few basic words you will frequently use when on the path to purchase a property. Knowing them will ultimately assist you in your negotiations.
A lien is a legal document creditors use to assure that you make your payment. With this, your creditor has a hold on your property until the time that you’re able to complete your payment. A lien offers security for both you and your creditor. Getting the home you want depends on your ability to pay your debt fully.
A lien may be as part of your mortgage, or for payment of construction work done on your property. Although imposed, these are voluntary liens. You enter a debt agreement knowing that along with the obligation to pay, you’re bound to offer your home as collateral. As for involuntarily adhering to a lien, it can only be based on the court’s order.