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In some states, such as Texas, an abstract of judgment is a specific type of document provided either by the court clerk or by an attorney which is used to prove that a judgment has been rendered. The abstract may then be filed in another jurisdiction, where it constitutes notice of a "judgment lien " on the debtor 's real property , thereby ...
An Estoppel Certificate (or Estoppel Letter) is a document commonly used in due diligence in real estate and mortgage activities. It is based on estoppel, the legal principle that prevents or estops someone from claiming a change in the agreement later on. [1] It is used in a variety of countries for commercial and residential transactions.
consummate lien (United States)—a judgment lien arising after the denial of a motion for a new trial. conventional lien (United States)—a lien created by agreement between the parties in circumstances where the law would not otherwise create a lien. deferred lien (United States)—a lien that only takes effect from a future date.
A deficiency judgment in real estate could have lasting impact on your credit and finances. ... placing liens on other property or drawing from the borrower’s bank accounts. Depending on state ...
The filing of a declaratory judgment lawsuit can follow the sending by one party of a cease-and-desist letter to another party. [6] A party contemplating sending such a letter risks that the recipient, or a party related to the recipient (i.e. such as a customer or supplier), may file for a declaratory judgment in their own jurisdiction, or sue for minor damages in the law of unjustified threats.
Accord and satisfaction is a settlement of an unliquidated debt. For example, a builder is contracted to build a homeowner a garage for $35,000. The contract called for $17,500 prior to starting construction, to disburse $10,000 during various stages of construction, and to make a final payment of $7,500 at completion.
Each U.S. state has a recording act, a statute which dictates the legal procedure by which an individual claiming an interest in real property (real estate) formally establishes their claim to that property. The recordation of property rights becomes particularly significant where an unscrupulous dealer in land purports to sell the same tract ...
The term "judgment proof" instead refers to the inability of the judgment holder to obtain satisfaction of the judgment. If a plaintiff were to secure a legal judgment against an insolvent defendant, the defendant's lack of funds would make the satisfaction of that judgment difficult, if not impossible, to secure. [1]