New York Subordination of Vendor's Lien Retained by Grantor in Warranty Deed
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Code § 16.035. For example, ?A sale of real property under a power of sale in a mortgage or deed of trust that creates a real property lien must be made not later than four years after the day the cause of action accrues.? Id. § 16.035(b). When the Statute of Limitations Begins to Run on Installment Loans ghristlaw.com ? when-the-statute-of-limitations-be... ghristlaw.com ? when-the-statute-of-limitations-be...
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. Judgment Lien - Small Claims Cases - Guides at Texas State Law Library texas.gov ? small-claims ? judgment-lien texas.gov ? small-claims ? judgment-lien
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.
Instrument of Conveyance. A conveyance of an estate of inheritance, a freehold, or an estate for more than one year, in land and tenements, must be in writing and must be subscribed and delivered by the conveyor or by the conveyor's agent authorized in writing. Texas Property Code - PROP § 5.021 | FindLaw findlaw.com ? prop-sect-5-021 findlaw.com ? prop-sect-5-021
Texas recognizes when a vendor's lien is reserved in the deed, that the vendor retains legal title in the property until the purchase price is paid. This legal title is referred to as superior title. Upon payment of the purchase price, the superior title automatically vests in the vendee. 2. The Vendor's Lien; Superior Title; and Executory Contracts Imprimatur Press ? ... Imprimatur Press ? ... PDF