Placing A Lien On Properties In Malaysia

The need for cash can emerge at virtually any unknown time in the life of a person

. Debts, mortgages, pending loans, bills or more, the reason could be any when an immediate need for cash to tackle such unfavorable situations can surface. Many a times people when left empty handed opt to apply for a refinancing or mortgage or a lien on the property they own. The rules may vary from state to state, but any person applying for a lien on the property must consult an attorney to get the best legal advice and help.

Like everywhere else, lien on property is a common practice among people living in Malaysia too. While taking this step any person needs to get fully acquainted about the laws of the place and the legal formalities and paperwork that should be undertaken. Being assured that a person is legally covered can help in giving ample peace of mind and in bringing benefits that are to the best of ones abilities. Real estate malaysia is growing at a significant rate and its not possible for every Malaysian to own a home and then be able to address all the charges that can surface at any unanticipated time.

While choosing to file a lien, a person has many different types to choose from. Just few that are described as the most common ones are contractor liens, mechanics liens, workmen liens and others. No person can file a lien against some other owner just because they owe you money. A hell lot of questions need to be addressed before taking such serious legal action.

The Malaysian property scenario has come a long way in the past couple of years and to ensure that every lender can gain back the lent amount, the government here is revising policies to meet the need and interest of people. The lien process too can be easily accomplished by applying directly in the court or by filling a simple form available easily. After a certain notice period, the first legal step that initiates the process of lien, which is suing the debtor in the court of law, is taken.

The court works to meet the interest of both the parties involved and thus a certain time period is allotted to the debtor before taking any legal action. if in case the debt still remains unpaid and the debtor is unable to meet the demands laid forth by the court then a lien is placed on the property in question. The owner cannot sell this property in such case before paying the lien first.

Although popular, but lien can be a time consuming process. The expense involved is however lower compared to other methods. Any person who is waiting to acquire money through such lien needs ample patience and its like waiting for their turn to come.

Lien is not accepted in all the states, its thus important to know the laws before undertaking any such legal action. Although slow, but this is a sure shot method for any person to get their money back from the debtor.

by: Roy Dearden

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