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Voluntary property liens vs. involuntary property liens Voluntary property liens: These are created through a mortgage agreement, in which you allow the lender to use the property as collateral in ...
In a typical mortgage loan transaction, for instance, the real estate being acquired with the help of the loan serves as collateral. If the buyer fails to repay the loan according to the mortgage agreement, the lender can use the legal process of foreclosure to obtain ownership of the real estate.
However, the term "lien" is more often associated with the collateral of real property than with of personal property. A security interest is typically granted by a "security agreement". The security interest is established with respect to the property, if the debtor has an ownership interest in the property and the holder of the security ...
In real estate, clear title and clean title are used interchangeably to refer to a home title that is free of liens or other issues. Yes, it’s possible to buy a home without clear title, but it ...
A deed in lieu of foreclosure is a deed instrument in which a mortgagor (i.e. the borrower) conveys all interest in a real property to the mortgagee (i.e. the lender) to satisfy a loan that is in default and avoid foreclosure proceedings. The deed in lieu of foreclosure offers several advantages to both the borrower and the lender.
vendee's lien—a buyer's lien on the purchased land as security for repayment of purchase money paid in, enforceable if the seller cannot or does not convey good title. vendor's lien—a seller's lien on land as security for the purchase price (sometimes called an unpaid vendor's lien). voluntary lien—a lien created with the lienee's consent.
When a lender cannot find the collateral, cannot peacefully obtain it through self-help repossession, or the jurisdiction does not allow self-help repossession, the alternative legal remedy to order the borrower to return the goods (prior to judgment) is replevin. The security interest over the collateral is often known as a lien. The lender ...
Examples of typical collateral are shares of stock, livestock, and vehicles. A security agreement is not used to transfer any interest in real property (land/real estate), only personal property. The document used by lenders to obtain a lien on real property is a mortgage or deed of trust.