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Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
50% - Moderately

Tax Lien

Synonyms:hold on assets, tax claim, tax collection
Filed Under: financial-banking, mortgages, real-estate, taxation
Tags: banking, mortgage, realty, taxes

Definition of tax lien

tax lien
1. A claim or obstacle that prevents the sale of a property due to unpaid taxes. The property title cannot be transferred until all liens are cleared.

Related Terms and Acronyms:

  • clear title   Title not burdened by liens or legal questions.
  • cloud on title   A claim on title to property that could impair the ability to transfer ownership.
  • fee simple   Outright ownership of real estate, free of any liens or other claims against title.
  • fee simple defeasible   When a person has outright ownership of real estate (free of any liens or other claims against title), but the use of the property is restricted.
  • lien   A legal hold or claim of a creditor on the property of another.
  • tax sale   A government sale of property to recover unpaid taxes.

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