Do You Need To File A Property Lien?
If you have ever purchased a house, you're probably familiar with the concept of a property lien. Essentially, a lien is a financial hold that is placed against a property when someone has refused to pay the money they owe to another party. With the lien in place, the party who should receive the money can be confident that the current owner will not be able to sell the property without first paying them the money that they owe.
What if you are that person who deserves to be paid, but the other party isn't cooperating? How can you decide if you do need file a property lien - and if you do, how do you know which type of lien to file? The team at Phillips, McElyea, Carpenter, & Welch, P.C. is here to help.
Different Types of Property Liens
Property liens come in several different forms, and each one is specific to a different situation. Most of them are rather self-explanatory, but here are a few examples.
Mechanic's Liens
What happens if you fail to pay the construction workers for the work they did on your home? Your contractor may place a mechanic's lien against the property. If this happens, the contractor can sue you to enforce the lien. If you lose the lawsuit, your home could sold to satisfy the debt.
Child Support Liens
Divorce impacts every aspect of your life, including this one. If you refuse to pay your spouse the child support ordered by the court, a lien for child support could be placed against your property which could make it difficult to to sell (or even refinance) your property until the debt has been paid.
IRS Liens
This lien applies to anyone who neglects to pay the back taxes they owe to the IRS. The IRS is sometimes not as patient as other creditors; if you owe a substantial amount, they could force you to sell your home or other property so that the debt can be repaid.
Should You File A Property Lien?
If you find yourself without proper payment from any one of these situations, you may need to file a property lien in order to secure payment. Our team of real estate attorneys at the Lake of the Ozarks will be able to help you carefully evaluate your situation and determine the best course of action. Give us a call to schedule your consultation!
The choice of a lawyer is an important decision and should not be based solely on advertising. When you need a knowledgeable attorney, we invite you to contact us to set up a consultation. Evening and weekend appointments are available. We have access to interpreters.
What if you are that person who deserves to be paid, but the other party isn't cooperating? How can you decide if you do need file a property lien - and if you do, how do you know which type of lien to file? The team at Phillips, McElyea, Carpenter, & Welch, P.C. is here to help.
Different Types of Property Liens
Property liens come in several different forms, and each one is specific to a different situation. Most of them are rather self-explanatory, but here are a few examples.
Mechanic's Liens
What happens if you fail to pay the construction workers for the work they did on your home? Your contractor may place a mechanic's lien against the property. If this happens, the contractor can sue you to enforce the lien. If you lose the lawsuit, your home could sold to satisfy the debt.
Divorce impacts every aspect of your life, including this one. If you refuse to pay your spouse the child support ordered by the court, a lien for child support could be placed against your property which could make it difficult to to sell (or even refinance) your property until the debt has been paid.
IRS Liens
This lien applies to anyone who neglects to pay the back taxes they owe to the IRS. The IRS is sometimes not as patient as other creditors; if you owe a substantial amount, they could force you to sell your home or other property so that the debt can be repaid.
Should You File A Property Lien?
If you find yourself without proper payment from any one of these situations, you may need to file a property lien in order to secure payment. Our team of real estate attorneys at the Lake of the Ozarks will be able to help you carefully evaluate your situation and determine the best course of action. Give us a call to schedule your consultation!
Law Offices of Phillips, McElyea, Carpenter, & Welch, P.C.
The choice of a lawyer is an important decision and should not be based solely on advertising. When you need a knowledgeable attorney, we invite you to contact us to set up a consultation. Evening and weekend appointments are available. We have access to interpreters.
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Camdenton, MO 65020 GET A MAP
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