Full question:
A certain realtor in Calif owes me monies $50,000 on two notes I am holding I need to place a lien on his porperties until paid. I am holding a note for lending $50,000.00 to a realtor in Calif and I would like to place a lienon his properties as further security.
- Category: Judgment Liens
- Date:
- State: Colorado
Answer:
If the promissory note does not include a security interest in the realtor's property, you will need to obtain a lien through the court after winning a breach of contract claim. To establish a valid lien, the claimant must have ownership or a right to it, possess the property (actual or constructive), and have the other party's consent. The lien must arise from an agreement, either express or implied, and not contradict the contract's terms.
In some cases, the lien holder may foreclose on the property if the debt remains unpaid. Liens can typically be removed by paying the owed amount, which can occur up until the closing documents for the property's sale are signed.
There are various types of liens that can affect the property's title. A judgment lien, for example, is created when a court grants a creditor an interest in the debtor's property due to a court judgment. This type of lien can be filed if a judgment is obtained for unpaid debts, such as credit cards or loans. A judgment creditor can enforce the lien by selling the property to satisfy the debt.
To place a judgment lien, you must obtain a monetary judgment against the debtor and record it in the county where their property is located. After placing the lien, you can proceed with selling the property to recover the owed amount. This process is similar to a bank foreclosing on a mortgage if payments are not made.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.