What does WD with vendor's lien mean?

A warranty deed is an agreement of ownership of a property. It is a guarantee the property is free and clear in title. A warranty deed with a vendor's lien is a warranty deed with an encumbrance on the property (lien). This is a security for an unpaid debt of ownership. It is a form of security to the original owner.

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Subordination of Vendor's Lien Retained by Grantor in Warranty Deed

Suffolk New York Subordination of Vendor's Lien Retained by Grantor in Warranty Deed

Name: Suffolk New York Subordination of Vendor's Lien Retained by Grantor in Warranty Deed
Brand: US Legal Forms
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Category:

Oil Gas and Minerals - Subordination

State:

Multi-State

County:

Suffolk

Control #:

US-OG-138

Format:

Instant download

Description

If a person has purchased land, and the grantor in the deed reserves a vendors lien, that lien is superior to any subsequent grants by the owner of the land, including any oil and gas lease entered into at a later date. This form provides for the lien holder to subordinate a retained vendor's lien to an oi land gas lease on the lands that are the subject of the vendor's lien.

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In real estate, a grantee is the recipient of the property, and the grantor is a person that transfers ownership rights of a property to another person. However, the specifics of their transaction may vary depending on the situation. The official documents they use, such as a deed, detail their obligations.

A Warranty Deed With Vendor's Lien contains the Seller's guarantees of a warranty deed but with a lien. This deed is part of a seller finance package of documents. It is a transfer of real estate property where a lien for the unpaid purchase price in favor of the Seller is retained.

Warranty deed (WD): A warranty deed is a type of deed where the grantor (seller) guarantees that he or she holds clear title to a piece of real estate and has a right to sell it to the grantee (buyer).

A deed is a legal document which transfers the ownership of a property from a seller to a buyer; whereas a deed of trust is a document or mortgage alternative in many states which does not transfer the property directly to the buyer but transfers it to a trustee or company which holds the title as security until the

The most common type of deed used in Texas is a general warranty deed. This type of deed guarantees the title comes without any liens, easements, or other title problems. A general warranty deed also assures the buyer that there will be no issues with the title.

A purchase money mortgage, or seller financing, is a type of vendor's lien in which a seller has the right to repossess a piece of real estate from a delinquent buyer. It is commonly used when a buyer has poor credit and cannot secure a loan from a bank or other lending institution.

In Texas when a vendor sells property and there is unpaid purchase price, a vendor's lien arises against the property to secure the payment of the unpaid purchase price. An express ven- dor's lien can be reserved in the deed and/or in the real estate lien note.

Both a warranty deed and deed of trust are used to transfer the title of a property from one person to another. However, the difference between these two contracts is who is protected. As you now know, a deed of trust protects the beneficiary (lender). A warranty deed, on the other hand, protects the property owner.

A warranty deed is an agreement of ownership of a property. It is a guarantee the property is free and clear in title. A warranty deed with a vendor's lien is a warranty deed with an encumbrance on the property (lien). This is a security for an unpaid debt of ownership. It is a form of security to the original owner.

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Suffolk New York Subordination of Vendor's Lien Retained by Grantor in Warranty Deed

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