Arrowhead Title, Inc.

A property lien is a claim on a residential property for the homeowner's unpaid bills. When a lien is placed on a home's title, it means that the owner cannot legally sell, refinance or otherwise transfer a clear title of ownership to the home. In today's blog, your Lake of the Ozarks title company explains the implications of having a lien on your property. Types of Property Liens There are multiple types of liens that can affect your right to ownership of your home. A "mechanic's" or "construction" lien protects the provider of services whose charges to the owner for repairs, improvements or maintenance have gone unpaid. A lien on the property also exists when a mortgage loan is used to purchase the home. In exchange for use of the money needed to purchase the home, the lender has a legal claim on the property. A tax lien may be filed against the property by the Internal Revenue Service for unpaid federal taxes. The IRS and the county tax...

Although liens are common in the real estate world, they're often overlooked by home-buyers because they don't understand the implications that can arise from such things on a deed. Unfortunately, the failure to anticipate and settle outstanding liens before closing can lead to delayed or derailed deals. Worse, undiscovered liens can cause years of legal problems after a sale. What is a Lien? A lien is a right to keep possession of property belonging to another person until a debt owed by that person is discharged. Liens on real estate are a common way for creditors to secure debts that are owed to them. A property lien is a notice attached to your title informing everyone that you owe money. In today's blog, your Lake of the Ozarks title company explains the implications of having a lien on your property. Selling Your Property When you have a lien on your home, you are not able to sell it. In order to sell or refinance your home, you must have a clear title. Hav...

Liens on real estate are a common way for creditors to secure debts that are owed to them. A property lien is a notice attached to your title informing everyone that you owe money. In today's blog, your Lake of the Ozarks title company explains the implications of having a lien on your property. Selling Your Property  When you have a lien on your home, you are not able to sell it. In order to sell or refinance your home, you must have a clear title. Having that lien on your title makes it unclear. To get rid of the lien, you'll need to pay the creditor what you owe. After that, the lien will be removed from the title and you'll be able to sell or refinance your home if you wish. Foreclosing On Your Home  While a foreclosure due to a lien is rare, there is the possibility. In order to pay off the lien, creditors generally have the right to have the property sold, usually through foreclosure. In most cases however, the mortgage is placed on the home before ...

Believe it or not, title insurance is an integral aspect of almost every single American's life. By benefiting each individual, we in turn work to strengthen the entire United States of America. While this may seem like a lofty claim at first, a closer look will reveal how our entire country can benefit from the title insurance industry. We Boost The Economy The economy thrives when citizens have more money in their pockets and, consequently, more money to spend at local businesses. By strategically timing our real estate closings , we save home buyers approximately $10 billion in interest every year. Not only that, but we save home buyers roughly $1 billion per day  by speeding up the closing process. All of those dollars saved will stay in the hands of each American homeowner, which gives them more money to put back into the economy. We Protect The Children As every parent can tell you, raising children is expensive. When a child's parents divorce, the parent who doe...

It's time! After months of searching and negotiating, you've finally found your dream home and come to an agreement with the sellers. You know how much you're paying for the home and what is included in the purchase, and your loan approval process is well underway. Should be smooth sailing from here, right? Hopefully, yes, but there is one last step standing in between you and the purchase of your home: the commitment for title insurance . This detailed report will provide you with a description of the current owner of the home and any outstanding liens and encumbrances that may be placed on the title. Before continuing with the purchase of your home at the Lake of the Ozarks , it is important to look over the commitment for title insurance thoroughly and make sure there aren't any major issues with the property. What's Contained In A Commitment For Title Insurance? The commitment report contains valuable information about the state of the title and out...

We spend a lot of time discussing how title insurance is your first defense against complications with your future home, such as unknown liens against the property. This week, we wanted to take a closer look at some examples of these types of liens and the impact they can have on your property. The Basics of Property Liens Essentially, a lien is a claim against your property stating that you owe a certain creditor money for an unpaid debt. By placing the lien, the creditor secures the property as collateral against the debt. If the debt ultimately remains unpaid, the creditor may seize the property as a way of repaying the loan. Different Types of Property Liens Some liens are voluntary; the property owners knowingly and willingly place the lien on their home in order to take out a loan. This is commonly used when homeowners take out second mortgages in order to fund home improvements, debt consolidation, or a child's college education.  Most types of property ...