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

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Multi-State
Control #:
US-OG-138
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Word; 
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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

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.

A warranty deed with vendor's lien is one way to show a debt for the purchase of a property. If the debt goes unpaid, the recourse action for the original owner is easily proven in court. For this lien to be removed, the buyer has to pay off the lien.

A deed of release literally releases the parties to a deal from previous obligations, such as payments under the term of a mortgage because the loan has been paid off. The lender holds the title to real property until the mortgage's terms have been satisfied when a deed of release is commonly entered into.

Remove a Lien on Texas Property A Release of Lien simply means that a lien claim is being removed or ?released? from the property described in the Release. With a signed and filed Lien Release, your property may then be transferred or sold ?free of liens?.

The statutes of limitation for collecting (or foreclosing) on both the vendor's lien and deed of trust is four years in Texas. If no legal action has been filed for collection on the liens for four years after the liens ma- ture, there is indication the liens have been paid.

Section 52.0012 of the Texas property code is the statute that allows you to obtain a partial release of a lien in Texas. Pursuant to the statute, you send notice to the last known address of the creditor and the creditors attorney. This can be challenging because many judgment creditors have gone out of business.

A lien on real property in Texas is evidence of a debt, and payment of that debt extinguishes, or releases, the lien. When the underlying debt is paid, the lien holder prepares, signs and certifies a written release that is recorded with the county clerk in the county where the property is located.

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