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1952263
LIENS
Description
MINDMAP
Mind Map by
lys_1130
, updated more than 1 year ago
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Created by
lys_1130
about 9 years ago
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Resource summary
LIENS
TYPES
GENERAL
non-secured
Affects both real & personal property
tax liens except real property tax
judgment liens
SPECIFIC
secured
A particular property
vendor liens
condo liens
homeowners association
uniform commercial code
lis pendens
JUDGMENTS
Monetary
Monies awarded
Enforcement: writ of execution
Declaratory
judicial decree
TAX LIENS
failure to pay
federal tax
state tax
local tax
tax sales are held
can buy back property
equitable right of redemption
tax deed are given to purchaser for real property tax
estate/ inheritance tax
MORTGAGE
voluntary lien
subordination agreement
states that they have lower priority
satisfaction of mortgage
mortgage paid
mortgage instrument
promissory note
CONSTRUCTION LIENS
notice of commencement
states when constructions begins
automatically expires after a specified period
claim of lien
no payment received
a/k/a mechanic lien
voluntary lien
notice to owners
states that payments expected
notice of nonresponsibility
protects the owner from unauthorized work or material
LIEN PRIORITY
the date lien was recorded
exceptions
real property tax lien
priority over all other lien doesn't need to be recorded for enforcement
construction liens
starts when notice of commencement was filed
judgment liens
priortity date: the date court enter judgment
first in time, first in right
Writ of attachment
protects lienholder
cant transfer title in a pending lawsuit
SATISFYING LIENS
JUDGMENTS
satisfaction of judgments
mortgage liens
satisfaction of mortgage
CONSTRUCTION LIENS
lien waiver of lien release
when full payment received
partial lien waivers
partial payments are made
LIS PENDENS
notice when a lawsuit affects a specific property
cut off rights of any other party interested
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