liens - Liens Liens Definitions Definitions A claim or...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Liens Liens Definitions Definitions A claim or charge on property by which the property is made security for the performance of some act, usually the payment of a debt Voluntary v. involuntary Specific v. general Real Estate Tax Liens Real Estate Tax Liens Paid first from any court­ordered sale General real estate taxes v. special assessments Mechanics’ lien Mechanics’ lien Right to security to those that furnish labor or materials for the improvement of real property Enhancement of value Lien usually must be recorded Virginia Mechanics’ lien Virginia Mechanics’ lien Must file memorandum within 90 days of the last day of the month in which the contractor last performed work or provided materials Written notice to landowner Must file suit to enforce the lien within six months of filing of memorandum Seller usually signs affidavit on mechanics’ liens at closing (120 days) Lis Pendens Lis Pendens When suit is filed that affects title to a specific piece of property, lis pendens may be filed Gives notice that there is a claim against the property Judgments Judgments Lien when docketed Valid for 20 years (can be redocketed) Releases must be filed within 30 days Miscellaneous Miscellaneous Vendor’s Lien (in deed) Landlord’s lien ...
View Full Document

This note was uploaded on 09/20/2010 for the course UAP 234 taught by Professor Richards during the Spring '10 term at Wheaton IL.

Ask a homework question - tutors are online