Lien Searches Property Title Search and Home Loan Title in Springdale, Bella Vista, Rogers, AR, Bentonville, Fayetteville, AR, and throughout Arkansas
Bronson Abstract Company: Your Full-Service Lien Search Provider
Construction liens, state tax liens, judgment liens, and more
For nearly a century Bronson Abstract Company has protected the interests of individuals and companies who buy and sell real estate. One of the steps towards this end is conducting a lien search.
What is a Lien Search?
A lien is a legal right or interest that a creditor has in someone else’s property. If you’re purchasing a property that is encumbered by a lien, someone else has an interest in the property you’re purchasing. This can result in serious problems for you because a lienholder has rights that are almost identical to a property owner.
A lien search is an important process for both buyers and sellers. A lien search can discover hidden debts attached to a property that would cause a lender to rescind their offer of financing to a hopeful buyer, while it reveals to a seller that they don’t have the legal standing to sell the property.
Bronson Abstract Company performs comprehensive lien searches for your protection. It’s important to remember that liens are NOT limited to lending facilities or mortgage companies. There are many types of liens for debt that may or may not be related to the property, including:
- UCC Liens (Mortgages)
A security interest is granted to secure a seller’s debt or financing. These typically occur when a bank finances a purchase.
- Tax Liens
The IRS can attach a lien on a business or individual’s personal property due to failure to pay federal taxes.
- Judgment Lien
When someone loses a court case, a judgment is entered against them. A Judgment Lien can be attached to real estate and other personal property to ensure payment of any court-ordered settlements.
A lien search conducted in Springdale, Bella Vista, Rogers, Bentonville, Fayetteville, AR, or the surrounding areas by the professionals at Bronson Abstract Company can reveal the type of lien placed on a property, as well as whether the lien was placed with the consent of the property owner (consensual lien) or imposed by a government entity, individual, or company authorized by law to create a lien (involuntary lien).
A lien is designed to accomplish three things:
- Prevent the property owner from selling/transferring property before satisfaction of said lien.
- Enables a claimant to initiate foreclosure proceedings to satisfy a debt in the case of an involuntary lien.
- Establishes priorities among multiple creditors who claim a financial interest in a property as claimed by a lien.