Which statement best describes a "lien"?

A lien is a legal right or interest that a lender or a service provider has in someone else's property, granted until a debt owed by the property owner is satisfied. This means that the correct choice accurately identifies that a lien relates to a financial obligation, as it often arises in situations where money is owed, such as mortgages or unpaid service bills. While a lien does not confer ownership rights, it does create a financial interest that can affect the property's title.

Understanding liens is crucial in real estate because they can dictate the priority of claims against a property and can even impact the ability to sell or refinance until the lien is resolved. The concept is tied to financial agreements and obligations where a lien typically serves as security for the debt, ensuring that creditors have a legal claim to the property if the debt is not paid.

The other choices represent different concepts: ownership rights pertain to possessing or controlling property, legal title indicates formal recognition of ownership, and conditional transfer pertains to the transfer of property rights based on certain conditions. None of these accurately encompasses the financial nature of a lien as described.