Kentucky Subordination of Vendor's Lien Retained by Granter in Warranty Deed refers to a legal provision in Kentucky real estate transactions where the granter (seller) retains a vendor's lien on the property being sold. This lien allows the granter to secure the payment of any remaining debt or purchase price owed by the grantee (buyer) even after the property has been transferred. The Kentucky Subordination of Vendor's Lien Retained by Granter in Warranty Deed is typically included within the warranty deed itself or as a separate document when recording the transfer of property. By retaining a vendor's lien, the granter ensures a legal right to claim any remaining funds owed from the sale, providing an added layer of protection. There are two main types of Kentucky Subordination of Vendor's Lien Retained by Granter in Warranty Deeds: 1. General Vendor's Lien: This type of lien applies to the entire property being sold and secures the outstanding debt or purchase price. In case the grantee defaults on the payment, the granter can enforce the lien and potentially foreclose on the property to recover the remaining funds owned. 2. Special Vendor's Lien: This type of lien is limited to a specific portion or parcel of the property. It secures the unpaid portion of the purchase price or debt related to a particular part of the property. If the grantee defaults on the payment, the granter can pursue legal action to enforce the lien on the specific portion or parcel only. In both cases, the Kentucky Subordination of Vendor's Lien Retained by Granter in Warranty Deed serves to protect the granter's financial interests and ensures that the grantee fulfills their payment obligations. It provides a legal recourse for the granter in situations where the purchaser fails to make the agreed-upon payments for the property. It is important for both the granter and grantee to fully understand the implications of the Kentucky Subordination of Vendor's Lien Retained by Granter in Warranty Deed before entering into a real estate transaction. Seeking legal advice or consulting with a licensed real estate professional is recommended to ensure compliance with Kentucky state laws and to fully comprehend the rights and obligations associated with this lien.
Kentucky Subordination of Vendor's Lien Retained by Grantor in Warranty Deed
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Release Of Lien Texas Form To show that a lien has officially been removed on a property, you have to file a document called a ?lien release? in the real property records of the county where the property is located. A release of lien simply means removing the lien claim from a specific property.
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.
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.
Filing a Judgment Lien If the debtor sells any non-exempt real property, the creditor may be able to get all or some of the money owed from the proceeds of the sale. A judgment lien lasts for ten years.
The vendor's lien is for the amount of the unpaid contract price, less any lawful deductions, and may be enforced by foreclosure sale under Section 5.066 or by judicial foreclosure. A general warranty is implied unless otherwise limited by the recorded executory contract.