Purchasing a property, whether it’s a house or a commercial building, is a significant investment. It’s essential to ensure that the property you are buying is free of any liens or encumbrances that may affect your ownership rights. One of the most common issues that property owners encounter is judgment on their property. In this blog post, we will discuss everything you need to know about a judgment on property, what it means, and how to handle it.
What Is a Judgment?
A judgment on property, also known as a judgment lien, is a legal claim against the property for an unpaid debt. When a creditor obtains a judgment, they can place a lien on the debtor’s property as security for the debt. This lien prevents the debtor from selling or refinancing the property until the debt is paid.
How to Check for a Judgment on a Property
If you are interested in purchasing a property, it’s crucial to check for any judgment liens against the property. You can do this by accessing public records in the county where the property is located. You can also hire a title company to conduct a title search to ensure that the property is free of any liens or encumbrances.
How to Release Judgment on Property
If you have a judgment lien on your property, the best way to release it is to pay the debt in full. This can be accomplished by selling the property and lien to a company like Mayflower Judgments. Once the debt is paid, the creditor will file a satisfaction of judgment with the court, which releases the lien. Alternatively, you can negotiate with the creditor to remove the lien in exchange for a partial payment.
