Session 14 Property Taxes & Other Liens

Question 1

Ad Valorem

Answer 1

Real Property tax based on assessed value of property

Question 2

Encumbrance

Answer 2

Charge, claim or liability against property that may lesson value or impair use of property

Question 3

General Lien

Answer 3

Attach to ALL properties both real and personal
• Judgement liens
•IRS lien
• Estate &a inheritance taxes

Question 4

Involuntary Lien

Answer 4

A non-consensual claim to the property of another as collateral to ensure the repayment of a debt

• IRS liens
• Judgement Liens

Question 5

Judgement Lien

Answer 5

Statutory, involuntary, & general lien on real personal property as result of lawsuit.
Enforced through writ of execution and ultimate sale of property

Question 6

Lis Pendens

Answer 6

Pending legal action, or formal notice of such

Question 7

Mechanic’s Lien

Answer 7

Statutory Lien in favor of contractors, laborers, material men who performed work or finished materials in connection with the erection or repair of a building or other structure.
Must be a contract between contractor and owner