LIENS

LIENS

TYPES
1. GENERAL
  1. non-secured
    1. Affects both real & personal property
      1. tax liens except real property tax
      2. judgment liens
2. SPECIFIC
  1. secured
    1. A particular property
      1. vendor liens
      2. condo liens
      3. homeowners association
      4. uniform commercial code
      5. lis pendens
JUDGMENTS
1. Monetary
  1. Monies awarded
    1. Enforcement: writ of execution
2. Declaratory
  1. judicial decree
TAX LIENS
1. failure to pay
  1. federal tax
  2. state tax
  3. local tax
  4. tax sales are held
    1. can buy back property
      1. equitable right of redemption
    2. tax deed are given to purchaser for real property tax
  5. estate/ inheritance tax
MORTGAGE
1. voluntary lien
2. subordination agreement
  1. states that they have lower priority
3. satisfaction of mortgage
  1. mortgage paid
4. mortgage instrument
5. promissory note
CONSTRUCTION LIENS
1. notice of commencement
  1. states when constructions begins
    1. automatically expires after a specified period
2. claim of lien
  1. no payment received
3. a/k/a mechanic lien
  1. voluntary lien
4. notice to owners
  1. states that payments expected
5. notice of nonresponsibility
  1. protects the owner from unauthorized work or material
LIEN PRIORITY
1. the date lien was recorded
  1. exceptions
    1. real property tax lien
      1. priority over all other lien doesn't need to be recorded for enforcement
    2. construction liens
      1. starts when notice of commencement was filed
    3. judgment liens
      1. priortity date: the date court enter judgment
2. first in time, first in right
Writ of attachment
1. protects lienholder
2. cant transfer title in a pending lawsuit
SATISFYING LIENS
1. JUDGMENTS
  1. satisfaction of judgments
2. mortgage liens
  1. satisfaction of mortgage
3. CONSTRUCTION LIENS
  1. lien waiver of lien release
    1. when full payment received
  2. partial lien waivers
    1. partial payments are made
LIS PENDENS
1. notice when a lawsuit affects a specific property
2. cut off rights of any other party interested

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	Created by lys_1130 over 9 years ago