This form is a General Warranty Deed with Vendor's Lien where the grantor is an individual and the grantees are two individuals. Grantor conveys and generally warrants the described property to the Grantees. This deed complies with all state statutory laws.
A General Warranty Deed with Vendors Lien is a legal document commonly used in Waco, Texas, that transfers ownership of real property while also placing a lien on the property by the seller (vendor) to secure the payment of the purchase price. This ensures that the vendor has a legal right to the property until the buyer fulfills their financial obligation. In Waco, Texas, there are primarily two types of General Warranty Deeds with Vendors Liens: 1. Statutory Vendor's Lien: This type of General Warranty Deed is created and governed by the Texas Property Code, specifically Section 5.066. It grants the vendor a lien on the property being conveyed until the full purchase price is paid. This type of lien provides protection to the seller in case the buyer defaults on payment. 2. Contractual Vendor's Lien: This type of General Warranty Deed is typically based on an agreement between the buyer and seller. It allows the vendor to maintain a lien on the property until the agreed-upon purchase price is fully paid. The terms of the contractual vendor's lien are negotiable between the parties involved. A General Warranty Deed with Vendors Lien in Waco, Texas, includes vital information such as: 1. Names and addresses of the buyer (grantee) and seller (vendor). 2. A legal description of the property being conveyed. 3. The agreed-upon purchase price. 4. The exact amount of the lien placed on the property to secure the payment. 5. A statement regarding the vendor's right to foreclose the lien if the buyer defaults on payment. 6. Any additional terms and conditions agreed upon between the parties. It is important to note that obtaining legal advice from a qualified attorney is crucial when dealing with General Warranty Deeds with Vendors Liens in Waco, Texas, as the laws and regulations surrounding such transactions can be complex. Keywords: Waco Texas, General Warranty Deed, Vendors Lien, Statutory Vendor's Lien, Contractual Vendor's Lien, real property, transfer of ownership, lien on property, purchase price, Texas Property Code, legal description, buyer, seller, foreclosure.A General Warranty Deed with Vendors Lien is a legal document commonly used in Waco, Texas, that transfers ownership of real property while also placing a lien on the property by the seller (vendor) to secure the payment of the purchase price. This ensures that the vendor has a legal right to the property until the buyer fulfills their financial obligation. In Waco, Texas, there are primarily two types of General Warranty Deeds with Vendors Liens: 1. Statutory Vendor's Lien: This type of General Warranty Deed is created and governed by the Texas Property Code, specifically Section 5.066. It grants the vendor a lien on the property being conveyed until the full purchase price is paid. This type of lien provides protection to the seller in case the buyer defaults on payment. 2. Contractual Vendor's Lien: This type of General Warranty Deed is typically based on an agreement between the buyer and seller. It allows the vendor to maintain a lien on the property until the agreed-upon purchase price is fully paid. The terms of the contractual vendor's lien are negotiable between the parties involved. A General Warranty Deed with Vendors Lien in Waco, Texas, includes vital information such as: 1. Names and addresses of the buyer (grantee) and seller (vendor). 2. A legal description of the property being conveyed. 3. The agreed-upon purchase price. 4. The exact amount of the lien placed on the property to secure the payment. 5. A statement regarding the vendor's right to foreclose the lien if the buyer defaults on payment. 6. Any additional terms and conditions agreed upon between the parties. It is important to note that obtaining legal advice from a qualified attorney is crucial when dealing with General Warranty Deeds with Vendors Liens in Waco, Texas, as the laws and regulations surrounding such transactions can be complex. Keywords: Waco Texas, General Warranty Deed, Vendors Lien, Statutory Vendor's Lien, Contractual Vendor's Lien, real property, transfer of ownership, lien on property, purchase price, Texas Property Code, legal description, buyer, seller, foreclosure.
