Property Ownership, Transfer of Title & Land Use 6.1 Flashcards
1
Q
What are the two basic kinds of Liens?
A
General Liens
Specific Liens
2
Q
General Liens affect?
A
General Liens affect all property, real and personal.
3
Q
Specific Liens affect?
A
Specific Liens only affect the property the lien is secured by.
4
Q
Examples of General Liens
A
Judgments
Estate/Inheritance taxes
IRS taxes
Because there are liens against person’s personal and real property.
5
Q
Examples of Specific Liens
A
Real Estate taxes
Mortgage liens
Mechanic’s liens
Special Assessments
Because they are specific to a specific piece of property.
6
Q
What two Liens take precedence?
A
property taxes
special assessments
7
Q
Junior liens
A
Junior liens, are not in the first position and can foreclose. However, they are always subject to the previously recorded liens which take priority.
