W. Tyler Moore, PC

Mortgage liens and property rights

Very few individuals in Texas are able to purchase real estate property out right. Most people and businesses do not have the cash necessary to make such large purchases. Therefore, these parties turn to financing options in order to help pay for residential or commercial real estate. Without these financing options, many of these real estate transactions would not take place. It is, therefore, important for people to understand the basics of real estate financing. Without a mortgage lien, for example, many Texans would not own their property.

Again, a mortgage lien is often used in order to complete these transactions. With a lien, mortgage lenders hold a security interest in the property that is being purchased. In other words, the financial institution that is financing the purchase of the property has a legal right in the property. However, the mortgage is not the loan. A mortgage is merely an interest in the property. The note, on the other hand, is the loan.

More specifically, a lien is a nonpossessory security interest in the property. It does not involve possession of the property, but gives the holder of the lien some rights to the property if the individual property owner falls behind on loan payments or tries to sell the property. If the property is sold, the lien holder will need to be paid out of the sale proceeds.

Real estate property owners in Texas should always understand all of the legal aspects that go into real estate transactions. If every stage of real estate transaction is not completed correctly, there could be issues down the line. Individuals need to understand what needs to happen in order for these transactions to be completed without issues. An attorney can help individuals understand their legal rights and obligations when it comes to real estate transactions.

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