"Construction Loan Agreements and Variations" is a American Lawyer Media form. This form is to be used as a construction loan agreement.
New York Construction Loan Agreements and Variations
Category:
State:
Multi-State
Control #:
US-CLA198
Format:
Word;
PDF;
Rich Text
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How to fill out Construction Loan Agreements And Variations?
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FAQ
Tax Liens Tax liens are involuntary and occur when a homeowner does not pay their federal, state, or local taxes. If this happens, a tax lien is placed against your property. This lien takes priority over all other liens and stays there until the debt is completely paid.
- Lender typically issues final payment jointly to borrower and the builder, so that check cannot be cashed until all parties have endorsed it and have had the opportunity to resolve any problems that may have arisen.
A lien that has priority over another lien is called a "superior" lien. A low-priority lien is called a "junior" lien. If a home has more than one lien, priority determines the lienholders' rights following a foreclosure sale.
Under New York law, the general rule is that liens have priority in the order that they are recorded first in the public land records which is known as the ?first in time, first in right? rule, but there are many exceptions to the general rule.
California laws governing lien priority generally follow the ?first in time, first in right? rule, which states that whichever lien has been recorded first holds a higher priority than recorded liens that follow.
A building loan contract either with or without the sale of land, and any modification thereof, must be in writing and duly acknowledged, and must contain a true statement under oath, verified by the borrower, showing the consideration paid, or to be paid, for the loan described therein, and showing all other expenses, ...
A construction loan does not provide a lump sum check. Instead, the lender pays the constructions costs over time as the work is completed, and the interest accrues only on the amount that has already been disbursed.
Liens generally follow the "first in time, first in right" rule, which says that whichever lien is recorded first in the land records has higher priority than later recorded liens. For example, a mortgage has priority over a judgment lien if the lender records it before the judgment creditor records its lien.
