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Unit 13: Taxes/Liens


TermDefinitionKey Points
Assessment Equalization Factor
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.
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
Mortgage lien
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
Created by: Jackeeking30