If an owner of an interest in real property has had a judgment obtained against the owner, this form addresses a release of that judgment lien.
A judgment lien abstract is a legal document that outlines the details and status of a judgment lien on a property. It provides essential information about the lien, including the parties involved, the amount owed, and any associated court judgments. This document is commonly used in real estate transactions to provide potential buyers with comprehensive information about any outstanding liens on a property. It serves as an important tool for individuals, businesses, and financial institutions to assess the title and legal standing of the property. Example: Let's say John obtained a judgment against Mary for unpaid debt. To enforce the judgment, a judgment lien was placed on Mary's property, which she intends to sell. As a prospective buyer, you can request a judgment lien abstract to better understand the lien's nature, amount, and priority. The abstract will provide information on the court where the judgment was obtained, the judgment amount, the date of entry, and any subsequent actions related to the lien, such as satisfaction or release of the judgment. Different Types of Judgment Lien Abstracts: 1. Federal Judgment Lien Abstract: In cases where the judgment in question involves a federal court, a federal judgment lien abstract is used. It provides detailed information about liens placed on federal property or assets. 2. State Level Judgment Lien Abstract: This type of abstract contains information on liens imposed at the state level. Different states may have varying requirements and formats for judgment lien abstracts. 3. Tax Lien Judgment Abstract: In instances where the judgment lien is related to unpaid taxes, a tax lien judgment abstract is prepared. It includes information about the specific tax owed, the amount, and any relevant tax lien proceedings. 4. Mechanic's Judgment Lien Abstract: This type of abstract is specific to mechanic's liens. It outlines the details of a lien placed on a property by a contractor or subcontractor for unpaid construction work. It is crucial for buyers, lenders, and other interested parties to thoroughly review judgment lien abstracts to ensure they have a clear understanding of any potential liens on a property before entering into a transaction.
