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Real Estate - Ch. 15

Real Estate Taxes and Other Liens

TermDefinition
ad valorem tax A tax levied according to value, generally used to refer to real estate tax. Also called the general tax.
assessment equalization factor A factor (number) by which the assessed value of a property is multiplied to arrive at a value for the property that is in line with statewide tax assessments.
equitable lien a lien imposed by a court on property to achieve fairness.
equitable right of redemption The right of a defaulted property owner to recover the property before its sale by paying the appropriate fees and charges.
estate tax Federal tax on a decedent’s real and personal property.
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 A tax that is made up of the taxes levied on the real estate by government agencies and municipalities.
inheritance taxes State-imposed taxes on a decedent’s real and personal property.
involuntary lien A lien placed on property without the consent of the property owner.
judgment The formal decision of a court upon the respective rights and claims of the parties to an action or suit. After a judgment has been entered and recorded with the county recorder, it usually becomes a general lien on the property of the defendant.
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 A statutory lien created in favor of contractors, laborers, material suppliers, and others who have performed work or furnished materials in the erection or repair of a building.
mill One-tenth of one cent. Some states use a mill rate to compute real estate taxes; for example, a rate of 52 mills would indicate a tax of $0,052 for each dollar of assessed valuation of a property.
mortgage lien A lien or charge on the property of a mortgagor that secures the underlying debt obligation.
special assessment A tax or levy customarily imposed against only those specific parcels of real estate that will benefit from a proposed public improvement like a street or sewer.
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.
statutory right of redemption The right of a defaulted property owner to recover the property after its sale by paying the appropriate fees and charges.
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 A court-ordered sale of real property to raise money to cover delinquent taxes.
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 A document ordered by the court to have a sheriff enter a leased property to give possession back to the owner.
Created by: katiestapley
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