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LIEN DETERMINATION SUMMARY Project Manager:. Date: Site #: Legal Description: Landowner: (CHECK AS APPLICABLE) LIEN PROHIBITED: () a. No lien has been filed because the landowners were able to certify

How to fill out lien determination summary

How to fill out lien determination summary:

1. Gather all necessary information related to the lien: This includes the name of the property owner, property address, lien holder(s), and any relevant lien identification numbers. Ensure that this information is accurate and up to date.
2. Clearly state the purpose of the lien determination summary: Begin the summary by clearly stating the reason for completing the form. This could be for a real estate transaction, loan application, or any other relevant purpose. Clearly articulate why the determination is needed.
3. Provide a detailed account of the lien status: In this section, outline the current status of any existing liens on the property. Specify whether there are any active liens, including any outstanding balances or legal actions associated with them. If there are no liens, clearly state that the property is lien-free.
4. Include supporting documentation: Attach any supporting documentation that verifies the information provided in the lien determination summary. This might include copies of lien release forms, mortgage statements, or any other relevant documents that validate the accuracy of the summary.
5. Sign and date the lien determination summary: Once all the required information has been included and verified, ensure that the summary is signed and dated. This signifies the authenticity of the information provided and can serve as a legal document if necessary.

Who needs lien determination summary:

1. Property buyers: Individuals or companies looking to purchase a property often require a lien determination summary to ensure that there are no outstanding liens that could affect the transfer of ownership. It provides them with peace of mind and protects their investment.
2. Lenders and financial institutions: Lien determination summaries are commonly requested by lenders and financial institutions before approving a loan application. They want to ensure that the property being used as collateral is free from any existing liens that could jeopardize the loan repayment.
3. Real estate agents and brokers: Professionals working in the real estate industry often need lien determination summaries to provide accurate information to their clients. It helps them avoid any legal disputes or financial complications that could arise from undisclosed liens on a property.

Overall, lien determination summaries are essential for anyone involved in real estate transactions or loan applications. They provide a clear picture of the lien status on a property and help protect the interests of all parties involved.

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