When discussing mortgages, one term that often arises is “lien.” A mortgage is not a loan, but a lien on the property that keeps the loan secure. It is important to understand this confusing term in order to properly understand mortgages and property ownership.
There are several steps to a good tenant screening process. First, you must verify that the applicant is who s/he says they are. The best way to do this is to require each adult applicant to completely fill out a rental application. You should also ask each adult to provide you with valid photo identification. Request a copy of the applicant’s prior utility bill or cable bill as well. You want to ensure that the address on the bill is the same as the address listed on the photo identification and the rental application. You should also obtain the applicant’s date of birth and social security number. Require that the applicant provide you with any prior names that they have used in the past few years such as maiden names if they were recently married, or married names if they were recently divorced. If you are renting to a business entity verify its existence with the Secretary of State’s Department of Financial Institutions. Obtaining all of this information will greatly assist you during the screening process.
One common example of a lien is a construction lien. When a property needs repair, maintenance, or renovation, the property owner often hires someone to do the work. After the work has been completed, the property-owner is legally obligated to pay for the improvements to the property. The lien exists in order to help ensure that a construction worker can be properly compensated without having to sue the property owner.
The benefits are I. They know about the market and can find suitable tenants easily. II. They will recommend tenants who have clean backgrounds and respectable credit histories. III. But if you act as the landlord then you have to do credit checks of the tenant and splurge money on it. Or else you have to take some risk. IV. Moreover you do not have to handle day to day issues of tenancy nor go for inspection visits. V. Letting agents are efficient in tax law and property law and can give you sound advice.
It can be said that taking service of a letting agent is a better option if you are ready to pay. Property letting as a business is very lucrative today. If you want to start your own business then you have to understand the business first and the market also. Landlords will come to and you will find tenants for their property. The landlord will get rent, the tenant will get a place to stay and you will earn a commission.
A mortgage is one type of lien. Therefore, a mortgage is not a loan in and of itself, but rather a way for a lender to secure property rights while the borrower still owes money. Although the term “mortgage” is often used interchangeably with “loan,” the two are indeed different. Before deciding to buy or sell property, it is important to be fully informed about legal issues surrounding mortgages and titles to be sure that you fully own the property.
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