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

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

Name: Wayne Michigan Subordination of Vendor's Lien Retained by Grantor in Warranty Deed
Brand: US Legal Forms
Rating: 4.66 (468 reviews)

Category:

Oil Gas and Minerals - Subordination

State:

Multi-State

County:

Wayne

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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FAQ

Vendor's Lien has also been defined under the Black's Law Dictionary as a lien held by a seller of goods, who retains possession of the goods until the buyer has paid in full. The term lien implies that the property in the goods has vested in the buyer, because no man can have a lien on his own goods.

Can you eliminate a vendor's lien? The easiest way to remove a vendor's lien is to pay it off. There are some liens that can be removed because of mis-classification and because of homestead law. Contact us to see if you are liens or judgments can be removed without payment.

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.

Special Warranty Deed TX A Special Warranty Deed is a document that transfers title with both express and implied warranties. However, unlike in a General Warranty Deed, the Grantor only warrants the title from the time the Grantor has owned the property.

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.

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.

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.

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Addendum shall have the meaning ascribed to them elsewhere in the Contract. RESPONSIBILITIES OF BUYERS OR GRANTEES AND GRANTORS .57-1-12 Form of warranty deed -- Effect. (1) Conveyances of land may be substantially in the following form: WARRANTY DEED. Originally "strict," with the lender simply retaining title to the land if the borrower did not redeem prior to foreclosure. When not recognizable as a warranty deed or quit claim deed, then all. IC 32-17-1-4Lineal and collateral warranties; abolition. Sec. 4. Client's warranty of title. Why a list is preferred over a conveyance "subject to those matters recorded in the land records"1 for those. Warranty Deed with Vendor's Lien.

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

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What is unpaid vendor's lien?

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What is a special warranty deed in Texas?

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What is a Wayne Subordination of Vendor's Lien Retained by Grantor in Warranty Deed743777?

Why would a grantor want to retain a lien on the property?

What does it mean when a vendor's lien is subordinated?

Who benefits from a subordination of vendor's lien?

Can a grantor still foreclose on the property with a subordinated lien?

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