Alabama Vendor's Lien Deed
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FAQ
Property liens are legal notices attached to a property title because of unpaid debts. This can make selling a home a lot more difficult, or at the very least a big hassle. Unfortunately, this hassle is not always revealed until late in the home buying processwhen you have already found the home of your dreams.
A vendor's lien is the right of a seller to repossess the property sold until the buyer makes all payments for the full purchase price. The property is the collateral given as security to the seller for the purchase price. It is sometimes used in connection with a purchase money mortgage on real estate.
A lien release is a document that is filed in the public land records as the official notice that the lien is removed. Once payment has been received, a contractor has a duty to remove any lien that was filed against the property.
When a borrower agrees to use the property as collateral to secure the loan, it places a voluntary lien on that property. Once it is recorded, it becomes public information. Great examples of voluntary liens is mortgages and trust deeds.
Vendor's lien. seller's right to reclaim property sold to a buyer if the purchaser falls behind in payments, for example, a seller's lien on real estate sold through a purchase money mortgage. Seller's liens are a carryover from common law and are relatively uncommon in the United States.
All liens stay with the property so if you buy a home with outstanding liens, you assume responsibility for those debts. Therefore, it's imperative that you (or one of the members of your team, such as a lawyer or notary public) search the local records for any liens on a home before you buy it.
This release of mortgage is recorded or filed and gives notice to the world that the lien is no more. On the other hand, when you have a trust deed or deed of trust, the lender files a release deed.When you call the lender, ask for the release of lien department.
When a warranty deed contains a vendor's lien, the buyer agrees to allow the seller to seize the property until the property is paid for in full. It's used in situations where the buyer is taking immediate possession of the property, but is paying the purchase price in installments or at some later date.
A lien does not convey ownership, with one exception A lienor generally has an equitable interest in the property, but not legal ownership.