What Is a Conditional Lien Waiver?
A conditional lien waiver refers to a situation in which a hold on a piece of property will be removed, but only if certain conditions are met. Liens are put on a property when a debt is owed and not satisfied. The liens are normally removed when the debt is paid, but under a conditional lien waiver, the debts are instead removed only if and when given conditions are met. A lien may be placed on a property for a number of reasons. Liens can also be placed on several different types of tangible, real property that has value when sold. When a lien is placed on the property, it can inhibit the owner’s ability to transfer or sell the property.
