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Unit 13: Taxes/Liens
Taxes/Liees
Term | Definition | Key Points |
---|---|---|
Assessment Equalization Factor | ||
Encumbrance | ||
Equitable Lien | ||
Equitable Right Of Redemption | ||
Estate Tax | ||
General Lien | The right of a creditor to have all of a debtor’s property—both real and personal—sold to satisfy a debt. | |
General Real Estate Tax | ||
Inheritance Tax | ||
Involuntary Lien | A lien placed on property without the consent of the property owner. | |
Judgment | ||
Junior lien | An obligation, such as a second mortgage, that is subordinate in right or lien priority to an existing lien on the same property. | |
Lien | A right given by law to certain creditors to have their debts paid out of the property of a defaulting debtor, usually by means of a court sale. | |
Mechanic's lien | ||
Mill | ||
Mortgage lien | ||
Security | ||
Special assessment | ||
Specific lien | A lien affecting or attaching only to a certain, identified parcel of land or piece of property. | |
Statutory lien | A lien imposed on property by statute—a tax lien, for example—in contrast to an equitable lien, which arises out of common law. | |
Statutory right of redemption | ||
Subordination agreement | A written agreement between holders of liens on a property that changes the priority of mortgage, judgment, and other liens under certain circumstances. | |
Tax lien | A charge against property, created by operation of law. Tax liens and assessments take priority over all other liens. | |
Tax sale | ||
Vendor's lien | A lien that belongs to a vendor for the unpaid purchase price of land, where the vendor has not taken any other lien or security beyond the personal obligation of the purchaser. | |
Voluntary lien | A lien placed on property with the knowledge and consent of the property owner. | |
Writ of attachment | ||
Ad Valorem Tax |