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A title with a lienholder refers to a bank or lender who holds the car's title. If you buy a car with a car loan, the lender holds the car title until you pay off the loan.
The lienholder then releases their lien electronically which allows the customer to pick up the title directly from the Ohio BMV on the following business day. Some states may take up to three months for a paper title to be produced after an electronic lien release, though this is uncommon. [citation needed]
When a vehicle is financed, the certificate of title is normally held by the lender, who must release it to the purchaser once the balance is paid off. In some states, such as New York and Maryland, the transferred title is sent directly to that individual, but the name of the lender or lienholder appears on the title as well.
Title issues are not common, but if the title search uncovers one — or if it doesn’t, but one comes up later — there can be considerable legal costs. This is where title insurance comes in.
[2] [3] The registered owner of a property in question is normally presumed, sometimes conclusively, to be the legal owner of the property and is said to “hold the title” or is “registered on the title”. Ownership of property usually implies a right of possession, as opposed to the party that has right of property.
If there is a lien on the car, you likely cannot get a title loan. Additionally, if you default on your loan, the lender could seize your car. That might put your employment at risk if you need a ...
A mechanic's lien is a security interest in the title to property for the benefit of those who have supplied labor or materials that improve the property. The lien exists for both real property and personal property. In the realm of real property, it is called by various names, including, generically, construction lien.
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