Lien

A lien is a legal claim or right against a property, typically used as security for a debt. The property cannot be sold or transferred until the lien is satisfied or released.

Common types include mortgage liens, tax liens, and mechanic's liens. When you pay off a car loan or mortgage, the lender releases their lien on the property. Liens appear in property records and title searches.

Related Terms

Collateral

Collateral is an asset that a borrower pledges to a lender as security for a loan. If the borrower d...

Mortgage

A mortgage is a loan used to purchase real estate, where the property serves as collateral. The borr...

Escrow

Escrow is a financial arrangement where a third party holds and manages funds or documents on behalf...

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