District of Columbia Liens, Mortgages/Deeds of Trust, UCC Statements, Bankruptcies, and Lawsuits Identified in Seller's Files

• Category: Oil Gas and Minerals - Deeds
• State: Multi-State
• Control #: US-OG-1203
• Format: Word; Rich Text

Description

This form is used for liens and mortagages. Liens, Mortgages/Deeds of Trust, UCC Statements, Bankruptcies, and Lawsuits Identified in Seller's Files in the District of Columbia: 1. Liens: a. Property Tax Liens: These liens are imposed on a property by the local government when property taxes go unpaid. b. Mechanic's Liens: When a contractor or supplier is not paid for services or materials provided for property improvements, they can file a mechanic's lien against the property. c. Judgment Liens: If a court awards a monetary judgment against a property owner, a judgment lien can be placed on the property as collateral for the owed debt. 2. Mortgages/Deeds of Trust: a. Mortgages: A mortgage is a loan secured by real estate, with the property serving as collateral. The lender holds a lien on the property until the loan is repaid. b. Deeds of Trust: Similar to a mortgage, a deed of trust is a loan secured by real estate. However, instead of two parties involved (borrower and lender), a third party (trustee) holds the title until the loan is repaid. 3. UCC Statements: a. UCC-1 Financing Statements: Filed by a creditor to notify others of their claim on personal property used as collateral for a loan. b. UCC-3 Amendments: Used to make changes or amendments to a previously filed UCC-1 statement, such as changing the collateral, a new security interest, or releasing a lien. 4. Bankruptcies: a. Chapter 7 Bankruptcy: Known as "liquidation bankruptcy," where the debtor's non-exempt assets are sold to repay creditors. b. Chapter 13 Bankruptcy: A form of "reorganization bankruptcy," where the debtor creates a repayment plan to pay off creditors over a specified period. c. Chapter 11 Bankruptcy: Primarily used by businesses, it allows for the restructuring of debts while the business continues operations. 5. Lawsuits Identified in Seller's Files: a. Civil Lawsuits: Any non-criminal legal disputes, such as contract breaches, personal injury claims, or property disputes. b. Small Claims Lawsuits: Typically handled in a specialized court, small claims lawsuits involve disputes over relatively low monetary amounts, often between individuals or small businesses. c. Collections Lawsuits: Filed by individuals or entities seeking to collect outstanding debt from the seller or their assets. It is important for prospective buyers to review these documents to understand any potential financial, legal, or encumbrance issues associated with a property before proceeding with the purchase.

Liens, Mortgages/Deeds of Trust, UCC Statements, Bankruptcies, and Lawsuits Identified in Seller's Files in the District of Columbia: 1. Liens: a. Property Tax Liens: These liens are imposed on a property by the local government when property taxes go unpaid. b. Mechanic's Liens: When a contractor or supplier is not paid for services or materials provided for property improvements, they can file a mechanic's lien against the property. c. Judgment Liens: If a court awards a monetary judgment against a property owner, a judgment lien can be placed on the property as collateral for the owed debt. 2. Mortgages/Deeds of Trust: a. Mortgages: A mortgage is a loan secured by real estate, with the property serving as collateral. The lender holds a lien on the property until the loan is repaid. b. Deeds of Trust: Similar to a mortgage, a deed of trust is a loan secured by real estate. However, instead of two parties involved (borrower and lender), a third party (trustee) holds the title until the loan is repaid. 3. UCC Statements: a. UCC-1 Financing Statements: Filed by a creditor to notify others of their claim on personal property used as collateral for a loan. b. UCC-3 Amendments: Used to make changes or amendments to a previously filed UCC-1 statement, such as changing the collateral, a new security interest, or releasing a lien. 4. Bankruptcies: a. Chapter 7 Bankruptcy: Known as "liquidation bankruptcy," where the debtor's non-exempt assets are sold to repay creditors. b. Chapter 13 Bankruptcy: A form of "reorganization bankruptcy," where the debtor creates a repayment plan to pay off creditors over a specified period. c. Chapter 11 Bankruptcy: Primarily used by businesses, it allows for the restructuring of debts while the business continues operations. 5. Lawsuits Identified in Seller's Files: a. Civil Lawsuits: Any non-criminal legal disputes, such as contract breaches, personal injury claims, or property disputes. b. Small Claims Lawsuits: Typically handled in a specialized court, small claims lawsuits involve disputes over relatively low monetary amounts, often between individuals or small businesses. c. Collections Lawsuits: Filed by individuals or entities seeking to collect outstanding debt from the seller or their assets. It is important for prospective buyers to review these documents to understand any potential financial, legal, or encumbrance issues associated with a property before proceeding with the purchase.