In North Carolina, a Subordination of Vendor's Lien Retained by Granter in Warranty Deed is a legal provision that can be included in a real estate transaction. This provision allows the granter (the seller) to retain a vendor's lien, which is a legal claim to the property as security for the payment of the purchase price, even after conveying the property to the grantee (the buyer) through a warranty deed. The concept of subordination means that the granter's lien will be subordinate to any new liens or encumbrances that may be placed on the property, such as a mortgage. There are different types of Subordination of Vendor's Lien Retained by Granter in Warranty Deed that can be utilized in North Carolina. Some of these may include: 1. General Subordination of Vendor's Lien: This type of subordination clause states that the vendor's lien retained by the granter will be subordinated to all future liens or encumbrances on the property. It ensures that any new mortgage or lien will take priority over the vendor's lien. 2. Specific Subordination of Vendor's Lien: In this case, the subordination clause may specify certain liens or encumbrances that will take priority over the vendor's lien. This could be useful when the granter wants to allow a particular mortgage or lien to have priority over the vendor's lien. 3. Partial Subordination of Vendor's Lien: This type of subordination clause enables the granter to retain a partial vendor's lien while subordinating the remaining balance or a certain amount to new liens. It allows for flexibility in determining the extent to which the vendor's lien will be subordinated. It's important to note that the specific language and provisions of a Subordination of Vendor's Lien Retained by Granter in Warranty Deed can vary depending on the individual agreement reached between the parties involved. Working with a qualified real estate attorney is always recommended ensuring that the subordination clause accurately reflects the intentions of the granter and meets the legal requirements in North Carolina.
North Carolina Subordination of Vendor's Lien Retained by Grantor in Warranty Deed
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No, a warranty deed does not prove ownership. A title search is the best way to prove that a grantor rightfully owns a property. The warranty deed is a legal document that offers the buyer protection. In other words, the property title and warranty deed work in tandem together.
A release of lien for a deed of trust securing a loan on commercial real property in Texas. Lenders in Texas customarily use a release of lien when the loan secured by a deed of trust has been paid in full or otherwise satisfied.
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.
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.