Who Can Put a Lien on a Property? - YouTube

hello and welcome to the flipping hot selling  houses in new york show i'm michael pinter  

right you try to start flipping a roll selling  house in new york or how are you doing how to  

grow your business i hope you can hear me because  this hot tub is super loud um but you got a great  

view i got a great room upgrade in cabo and  i am in my hot tub in my room overlooking the  

ocean it's pretty awesome okay now question  today is who can put a lien on a property  

i know you're going to be looking at my nose  only because i don't know if you can hear me  

um and this is probably going to be short  because i don't know if anyone can hear me at all  

um so who can put a lead on the property the real  answer to who can put a lien on a property is you  

can put a lead the owner of the property is most  of the time gonna put the lien on the property  

so the most common lien is a mortgage right you're  gonna borrow money and you're gonna sign paperwork  

you're gonna sign paperwork that says i accept  the fact that there's a lien on this property if  

i don't pay the note so the two parts of a regular  mortgage are a note which is i have to pay back  

this amount of money with this these terms  and then there's a mortgage in new york  

which is called a deed of trust in other states  or a mortgage deed of trust in other states  

and that's the lien that says we can enforce this  lean if you don't follow the terms of the note now

how does this how does this affect real estate so  in general um when you buy a property you're gonna  

have to pay off your uh i'm sorry when you buy  property the seller has to pay up all the liens so  

if the guy owes more than you're  willing to pay you have an issue  

right um that happens a lot and  that's something that you have to  

negotiate with the with the um lender for a short  sale i don't like short sales in general i do them  

but they're difficult because you have to deal  with an owner and then you have to deal with a  

lender there are people who do them and i have no  problem with them and i've closed a bunch of them  

but um to me it's one extra party that  you have to deal with now there are  

other liens on property so there's something  called the mechanics lien so a licensed um  

uh what are we talking about licensed contractor  can put a mechanics in our property unfortunately  

very very easily um if he says that you didn't  pay him what happens unfortunately a lot  

is that you pay a gc a general contractor uh x  dollars the general contractor decides not to pay  

a subcontractor let's say a plumber or an  electrician and that permanent church can put  

a mechanics lane on your property or a property  you're looking to buy in a situation where you  

never even had an agreement with them and that  is a difficult thing that comes up unfortunately  

a lot you're buying property you see a mechanics  lien and the sellers even know anything about it  

doesn't even know what the person is and you have  to negotiate and very often you got to pay a guy  

off to get rid of the lien even though you know  you had nothing to do with not paying him now

what is important when you talk about real estate  

is that all these liens are going to show  up on the title report so for me after i

get a signed contract get a signed contract to  buy something i order a tie report title is going  

to show all the liens now in other states you  may want you're very often going to run a title  

report before you even go to contract if you're  buying something at auction because a lot of the  

liens are going to stay on after you close  in new york one of the greatest things about  

new york is you always get clean title nothing  goes no properties go subject to existing lanes  

sorry except in very rare situations so also  if you're trying to do subject-to properties  

then just explain what a subject to is and this  is a good method it works in 49 states you buy  

a property and you keep the mortgage in place  and you make the payments then you figure out a  

way to get a cash flow positive maybe by putting  tenants in who will pay you more than without or  

maybe you pick it up and then you sell it and that  works because there are some people just want to  

want to walk away from a property and want to  know about it and in 49 states you can get a  

title company that will say sure we'll sell it  to subject to existing lease in new york it never  

works that way um the title companies don't run  transactions in new york so their job really is to  

only do two things make sure the taxes are paid to  make sure the liens are paid so they're not going  

to let a lien stay in place number one number two  um there's a seller's represented by an attorney  

an attorney is not going to recommend that his  client sell the property and let somebody else be  

responsible for the mortgage because in the event  that that new buyer stopped paying the mortgage i  

believe that that attorney would be starting  to malpractice less than it may actually lose  

so almost impossible subject to but one of the  best things about new york is that you don't  

there's a bird coming from you don't have  to worry about any liens on the property  

because the seller's responsible pay them off now  theoretically if there's i just had a deal where  

it said that there was a two million dollar  lien on it um and i said to the seller you  

know is there two million dollars you know  sometimes it shows up it's like an sba loan  

um the guy bought a business and they and  they uh cross collateralized all his property  

but it was a typo it's like 200 000 lean so so  if something shows up you want it maybe to make  

sure the seller knows it better to see what  the payoff is make sure it gets paid off but  

you don't have to pay it off but you don't  have to be stuck with it so that is a huge  

advantage of doing business in new york you get  everything free and clear that is great now um

you know there are other ways to put liens on  property so for example if i buy a product if  

i'm looking to buy a property seller changes  their mind i can put a lead on that property  

a list pendants lien based on my on my contract  but an attorney has to do it and if you're putting  

a list pendants on a property it's a you know if  you do it wrong you know there was no basis for it  

the court's gonna sanction the  attorney who did it and maybe you  

also so you have to be careful it's not a  simple thing but you need to show grounds  

for filing the list pendants which is the same  as when you go into a mortgage foreclosure  

and it prevents the seller from selling to  anybody else so i would love to talk more  

but i don't even know if you can hear a word i'm  saying because this freaking hot tub is so loud  

um but i hope this was helpful and if you  are interested in all the ways i can help you  

go to howtoflipnewyork.com if you're interested  in my course i teach you how to do what i do go to  

how to flip newyorkcourse.com if you're interested  in learning more about coaching one-on-one  

coaching you can go to coaching.how to flip new  york.com if you are watching on youtube please  

subscribe to watch on any channel please click  like um i will be back in new york in a day or two  

uh looking forward to getting back to new york  even though it's nice here and thank oh keep the  

comments coming i post i go live five times  a week and i am sometimes have no idea what  

i'm going to talk about so your questions  and comments give me material to talk about  

this was summer question so i appreciate it um you  know there are no bad comments so you can ask me  

anything because even if the video you're watching  if it's a simple answer i'll respond if it's  

something that i've covered recently or in depth  i will send you links to a video or videos on it  

and if it's something new i'll do a new video  on it which i really appreciate because i need  

material because i feel like i've spoken about  everything and i know there are more things  

that i could help you with so please keep the  comments coming i really appreciate you watching