Property Ownership, Transfer of Title & Land Use 6.4

Question 1

Estate and inheritance tax liens are?

Answer 1

involuntary, statutory, general liens and are usually paid during the probate court proceedings.

Question 2

Internal Revenue Service (income) tax liens are?

Answer 2

involuntary, statutory, general liens that result from a person’s failure to pay any portion of their federal tax liability; such as income and withholding taxes.

Question 3

Judgement Liens are?

Answer 3

involuntary, equitable, general Liens.

Question 4

A Judgement is?

Answer 4

is a decree issued by a court and its lien priority is assigned according to the laws of the state in which the property (real or personal) is located.

Question 5

How are Judgements enforced?

Answer 5

udgments are enforced through the issuance of a writ of execution and ultimately result in the sale of the property. When the property is sold, a satisfaction of judgment should be filed.

Question 6

Lis Pendens does what?

Answer 6

denotes that there is litigation pending regarding the title of the property. It is an encumbrance on and gives public notice of a possible future lien on the real estate.

Question 7

Lis Pendens attaches to what?

Answer 7

To the property and the real estate cannot be transferred until a decision is made by the court and the court retains custody of property until the conclusion of the lawsuit.