Real Estate Taxes And Other Lien Flashcards
Liens
A lien is a charger claim against a person’s property made to enforce the payment of money
Whenever somebody borrows money what does a lender need
The lender generally require security or collateral for the loan
Security what is it when you get that for a
Security assistant evaluate the lender can take in a payment terms of the loan are not fulfilled
What is the security for a loan in real estate called
It’s called a lien
Can Lynne also being Force against a property by a government agency to recover tax owned by the property owners
Yes
Can a lien be used to compel the payment of a assessment or special charge
Yes
What is a mechanic’s lien
It is to impose to recover payment for work performed on property service rendered our debts incurred
If the lien is not paid in the prescribed time frame the lien holder May
Execute on the lien which can force a property to be sold to pay the lien
The lien only represents
The lien only represents an interest in ownership but is not a actual ownership of the property
What is the lien to the owner title to the property
It is a encumbrance
What happens when what happens when there’s a lien on a title and it becomes a encumbrance
Because of encumbrance attaches to the property at transfers are conveys of way with it when the ownership interest
Generally a lien holder must initiate a court action to force the sale of the property are require a title true or false
True
What happens if the property is sold to satisfy a lien holders debt
The debt is paid from the sales proceeds
How many lien are there
There are two liens and their class of classified by voluntary lien and involuntary lien involuntary lien is statutory lien and Equitable lien
Voluntary Lien
Created intentionally by the property owners action such as a odors obtaining a mortgage
