Puerto Rico Release of Lien for Real Estate
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How to fill out Release Of Lien For Real Estate?
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FAQ
By filing a judgment lien, if the debtor sells any non-exempt property, you may be able to get all or some of the money you are owed from the proceeds of the sale. A judgment lien lasts for ten years.
The lien release should be signed and notarized by the same person (contractor) who filed the mechanic's lien. Preparing and filing the document itself can be done by the interested party (i.e. the project owner) or any other individual.
Typically, it's the responsibility of the seller to pay off the lien on his or her property on or before the day of closing. Most liens are paid off from the proceeds of the sale at the time of closing.
Summary lien removal is governed by Texas Property Code Section 53.160 (?Summary Motion to Remove Invalid Lien or Unenforceable Lien?). This sets forth a process by which a lien can be removed in as fast as 21 days after the contractor (lien claimant) appears in the action.
Lenders in Texas customarily use a release of lien when the loan secured by a deed of trust has been paid in full or otherwise satisfied. The release of lien is recorded in the county where the real property collateral is located.
