It is a deed which conveys real property to a buyer with a warranty of title and a warranty of no encumbrances, but reserves a lien in favor of the seller (vendor); the lien exists until the full purchase price is paid off, so the seller (vendor) has the right to take the property back (foreclose) is he/she/it is not paid in full. See a real estate attorney for further information.
A warranty deed with a vendor's lien can be recorded in the public records in all counties in Texas (as well as in most other states).
The grantee(s) in the most recently recorded deed (any type deed) is the new owner unless that deed conveyed less than a 100 percent interest. In that case, you would need to examine the land records to determine who all the present owners are.
A vendors lien is the right of a seller to retain the property till payment of the purchase price
Probably not. But, you don't really need one most likely as a Warranty Deed or even a Special Warranty Deed with a Vendor's Lien will accomplish the same purpose. If you are getting divorced and trying to pay the ex spouse their equity, check with the title agent. Then, your mortgage broker needs to understand the transaction and coordinate with the title agent so that the vendor's lien will be paid (rolled in) properly.
If you pay someone's mortgage you can place a lien on the property only if you have stated that condition in a properly drafted written agreement signed by both parties. If there is no agreement then you are a volunteer and have no legal standing to place a lien on the property.
Yes. The lien can be recorded against any one property owner's interest.
The lien is valid. A quit claim deed merely transfers the seller's interest in the property; it doesn't guarantee that the deed is free of any encumbrances - for that, one needs a warranty deed.
No. Only you and the grantor know you own the property. You need to record your deed in the land records to notify the public that the land has a new owner. If someone records a lien against the record owner before you record your deed the land will be subject to that lien as long as your deed has not been duly recorded.No. Only you and the grantor know you own the property. You need to record your deed in the land records to notify the public that the land has a new owner. If someone records a lien against the record owner before you record your deed the land will be subject to that lien as long as your deed has not been duly recorded.No. Only you and the grantor know you own the property. You need to record your deed in the land records to notify the public that the land has a new owner. If someone records a lien against the record owner before you record your deed the land will be subject to that lien as long as your deed has not been duly recorded.No. Only you and the grantor know you own the property. You need to record your deed in the land records to notify the public that the land has a new owner. If someone records a lien against the record owner before you record your deed the land will be subject to that lien as long as your deed has not been duly recorded.
If you are the lien holder, and someone doesn't pay, then yes, you can foreclose. I handle around 50 foreclosures each month, in 3 separate counties in Texas. We use a Warranty Deed With Vendor's Lein, Deed of Trust, and a Promissory Note, then when our customers do not pay their note for a long period of time, then we foreclose on it.
The only way to remove a lien is to pay it off and get a release.
How do I get a tax lien list and a tax deed list for Baxter and Marion counties in Arkansas?
A written claim to some piece of property