Definition - What does Contractual Lien mean?
Contractual lien refers to the lien which is placed on the property being purchased if the buyer fails to make the payment as agreed upon in the contract. It also forms a part of the contract or deal.
Justipedia explains Contractual Lien
The court has the power to enforce the charge or claim. For a contract lien to be placed on a personal or real property, it is important that both the parties have agreed to the stipulation mentioned in the contract.
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