Chapter 10 Taxes and liens Flashcards
Lien
A charge agents property that provides security for a debt obligation.
- Real Estate Taxes
- Mortgages
Types of liens
VISE
- Voluntary (mortgage)
- Involuntary ( statutory or equitable)
- Statutory : no action by owner ( RE tax)
- Equitable: a court judgment
General Lien
Affect all property, personal and real
Specific Lien
Liens secured by specific property and only that property
Vendors Lien
A lien from a seller who owner finances
Effect of lien on title
Affect the value of the property
Priority of liens
Go by order they are accrued, except for real estate tax. They always take priority
Subordinate agreement
Written agreement between lien holders that change the priority of liens
Assessment
The value the taxing body put on the property to determine taxes owed
Equalization
An “equalization factor” is a factor that changes tax rates to archive uniformity of taxes state wide
Equitable right of redemption
The right of defaulted homeowner to recover the property one taxes and penalties are payed
Mortgage lien aka deed of trust lien
A voluntary from your mortgage
Mechanics Lien
An involuntary lien giving to workers who work on the home and don’t get payed
lis Pendens
The time between when a lawsuit is filed and
A judgment is rendered
Writ of attachment
A court order that bars owner from conveying property while suite is being decided
