Virginia Subordination of Vendor's Lien Retained by Grantor in Warranty Deed
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FAQ
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.
To start, a ?Deed? is the name of the most common document used to transfer title of real estate. And the most common deeds are the General Warranty Deed and the Special Warranty Deed. The primary difference between these two deeds is the extent of the ?warranties? the seller is giving to the buyer.
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.
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 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.
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.