How to File a Property Lien

Video Transcript

"This financial advisor Patrick Munro talking about how to file a property lien. If an individual has a debt that is unpaid, perhaps it is a contractor or perhaps it's a merchant or whatever the case may be, they do have satisfaction available in the courts to go after an individual that does owe them a valid debt. And then, of course, if the courts deem that that valid debt needs to be paid, they then have the right to file a property lien. What the property lien will do at the time of sale of that property, the lien is charged to the property and the sale proceeds will go back to the individual that filed the lien. The most popular liens that are out there are mechanics liens. That is to say people have done work on the home, trades people that have actually done work on the home and not been paid for it. So what they will immediately do will file a mechanics lien. There's a filing charge with the local court house and that individual will receive notification that there is a lien place upon their property and they must pay the debt. It's a legal satisfaction that is able to be rectified to make the situation positive again. This is financial advisor Patrick Munro talking about how to file a property lien."