It is difficult to sell a house or other realproperty if you have if you don’t own the title outright. And if there is a lien on the your property it can seem impossible. In reality, however, a property lien doesn’t have to be be a dead end to a sale. There are legal products that can can turn a serious impediment into just a speed bump.
First the cold hard facts. Merriam Webster defines a Lien as:
a charge upon real or personal property for the satisfaction of some debt or duty ordinarily arising by operation of law
In law, a charge or encumbrance on property for the satisfaction of a debt or other duty. Common law developed two kinds of possessory lien: the specific (a lien on the specific property involved in a transaction) and the general (a lien for the satisfaction of a balance due, not confined to a specific property involved in a transaction). Courts of equity may, through the device of the equitable lien, recognize a creditor's interest in a debtor's property. Statutory liens are also available; developers and building contractors, for example, may use their interest in an improved site as security for payment (a mechanic's lien).
What most prospective sellers don’t realize is that there is a way to securely place any property lien outside the purview of the sale. Named a Transfer of Lien Bond (or a Release of Lien Bond), this surety bond releases a lien from the property and replaces it with a bond to guarantee satisfaction if the court upholds the lien’s merit.
Every day in California, people are realizing that they have options when it comes to selling real property. The transfer of lien bond can easily and effectively free up a seller from an otherwise sale-negating encumbrance.
The bond experts at Jurisco know more about Transfer of Lien bonds (or Release of Lien Bond) and all other types of defendant bonds than any one company has a right to. They’ve been writing these bonds and saving people time for decades. Contact them to learn more.