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AZK RE L-05 C-13 Taxes and Liens 1

  1. Lien
    - claim against a person's property made to enforce the payment of money
  2. Collateral
    • - security required by the lender whenever someone borrows money
    • - security is something of value that the borrower promises to give the lender if fails to repay the debt
  3. Mortgage Lien
    - security interests in the RE lien
  4. Encumbrances
    - covers (4)
    • - type of interest that does not rise to the level of ownership or possession
    • - any charge or claim that attaches to real property and transfers alone with it
    • - does not prevent the transfer or conveyance of the property

    • - covers (4)
    •    1) Easements and licenses
    •    2) Private restrictions found in property Deeds
    •    3) Liens
    •    4) Encroachment
  5. RE Lien
    • - represents an interest in ownership
    • - does not constitute actual ownership
    • - encumbrance on the owner's title
    • - attached to the property because of a dept
    • - if it is not paid the allotted time
    •     - foreclose on the lean
    •     - force the sale of property
  6. Types of lean
    • - Voluntary                
    •     - created intentionally (mortgage loan)
    • - Involuntary
    •    - created by law (taxes)
    • - Statutory
    •    - created by statute (exists without any action by the property owner)
    •    - tax lien
    • - Equitable
    •    - arises out of Common Low (controlled judgment)
Author
flashsmilenet
ID
345044
Card Set
AZK RE L-05 C-13 Taxes and Liens 1
Description
AZK RE L-05 C-13 Taxes and Liens 1
Updated

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