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A trustee's fiduciary duty goes back to the common law that came over with the Mayflower. Find out about a trustee's fiduciary duty with help from a real estate expert in this free video clip.
The IRS tax lien is the IRS's effort to secure its right title and interest in the property of a taxpayer that owes the IRS money. Learn about tax liens and securitization with help from a taxpayer representative in this free video clip.
Apple is the largest technology company in the world according to its profile in the New York Times Business Day section online, and one of the reasons for its success is the iPhone’s worldwide sales. However, selling a product worldwide often results in the amount of sales being limited in different regions by the laws of that region.
Using a quit claim deed is a common and simple way to transfer property to or a revocable living trust. Learn what to do if you're buying a house that has a quit claim deed and you have to get title insurance with help from a licensed California real estate broker in this free video clip.
The death of a joint tenant has some very important effects on an IRS lien. Learn what happens to an IRS lien when one joint tenant dies with help from a practiced attorney in this free video clip.
A judgment lien and a garnishment action accomplish similar things but have some pretty important differences. Learn about a judgment lien versus garnishment action with help from a practiced attorney in this free video clip.
The assignment and transfer of liens is something that needs to be done in a very specific way. Find out about the assignment and transfer of liens with help from a practiced attorney in this free video clip.
Cancellation of debt has some very specific effects on things like property liens. Learn about the cancellation of debt and its effects on property liens with help from a certified financial planner in this free video clip.
Liens filed on private properties in Virginia are known as mechanics’ liens. A mechanic’s lien filed in this state about work performed on privately owned property encumbers and attaches to the fee simple ownership of property. If materials or labor worth $50 or more are used for the repair, removal, construction or improvement of a permanent building next to a railroad or real estate, the persons involved are entitled to file a Virginia mechanic’s lien. Virginia mechanic’s lien rights extend to architects as well. A Virginia mechanic’s lien makes it difficult to refinance or resell private property without first removing…
The best way to receive money owed to you by a Colorado business, in the event the business refuses to pay, is to file a lien against it. A lien represents your legal claim to what is owed. The first step to take to file a lien is to determine the type of lien appropriate to your situation. Colorado law is specific in the types of notice you need to provide the business and the timing of different aspects of the lien process. Pay close attention to the details to be successful in placing a lien on a Colorado business.
A title binder or binder lien may apply to a couple of different elements during the real estate purchase process. A binder may refer to the insurance used during the transitional steps of the process or the buyer's initial declaration of intent to purchase. In each instance, a title binder or binder lien carries benefits for both the seller and the buyer of the property.
When a person is involved in an accident, such as a car crash, he could receive a settlement from an auto insurance company to pay for his medical bills and property damage, depending on the accident specifics. Health insurance companies and health maintenance organizations place a lien on these settlements to recoup the costs they paid for the patient's medical care. Some states rule this an illegal practice.
A creditor has various ways of collecting an unpaid debt, including pursuing the debtor's assets through wage garnishments and seizures of funds in a bank account. A condo is an asset of the condo owner and some creditors utilize a lien on a condo to collect on past due debt. A lien is a security interest in the title of a property, so if you own a condo it's wise to understand how a lien can impact your rights to that property.
Louisiana has one of the most complex probate codes in the United States. It is a community property state, meaning whatever property spouses acquire while married is shared equally. In Louisiana, adopted children have all the same rights as natural children in the event a parent dies without a will. Louisiana's laws of intestate succession govern the rights of adopted children; these rights are similar to those in other states with a few minor exceptions.
If you use the Thematic framework for your WordPress blog, you have many different design options to work with. By default, Thematic uses a two-column format. However, Thematic comes with pre-defined styles for other layouts, including three-column options. To change to three columns, you need to edit Thematic to point it to one of the three-column layouts.
Two factors complicate the process of placing a lien against property in Florida. First, Florida law does not allow you to place a lien against an individual’s homestead; you can place a lien only against property your debtor does not live in. His death mitigates this factor, because he’s no longer living in the residence. However, you must now deal with the probate court to try to collect your money.
Cars are towed for many reasons. Sometimes, it’s a parking violation. Other times, it’s committing a misdemeanor like driving without a license. Whatever the reason, you might be wondering if the towing company will notify your lien holder, which is the bank who financed the vehicle, if your car is towed.
Idaho residents use individual retirement accounts, or IRAs, to save tax-deferred monies for retirement. Although the state of Idaho offers generous protections for residents, a lien may be placed on their plans if they owe certain debts. In the lien process, creditors stake a legal claim to IRA funds, which they confiscate if residents cash out their plans.
If you receive a civil judgment in your favor, but the debtor refuses to pay the judgment, you may be able to place a lien on the debtor’s home. If the debtor sells the property, the lien holder receives payment of any proceeds from the sale of the home before the debtor. In this way, a lien is said to cloud the title. The procedure to place a lien on a debtor’s property may vary slightly by state, so check with the clerk’s office at your local courthouse to determine if any additional requirements exist to place a lien on…
Bankruptcy is used by debtors to work through their debts under court protection, free from the threats of collection activities, including lawsuits. While bankruptcy can provide relief from a portion of or all of a person's debts, it will not eliminate a mechanic's lien against a piece of property owned by the bankrupt debtor. In some cases, bankruptcy may prevent someone from placing a mechanic's lien against a property.
A lien is a claim on a person’s property by a debtor. The debtor takes this action to ensure he will be repaid what he is owed. Under a lien, when the property in question is sold a portion of the proceeds goes to the debtor to satisfy the debt. Most liens are either created by a contract or through law. Non-consensual liens are those created under law. The three basic types of non-consensual liens are tax, judicial and statutory. Generally, non-consensual liens arise when it is clear the debtor owes funds despite repeated attempts to collect.
Bankruptcy can be a difficult time for anyone, but the challenges may be compounded significantly if you have joint tenancy of a property. Joint tenancy of real estate is common among married couples and business partners.
A preliminary lien is a notice served by a supplier or subcontractor on an owner or general contractor to inform him of lien law and to let him know you will place a lien on the owner's property if payment is not made promptly for the job. In Arizona, the 20-day lien notice protects the lien rights from 20 days prior to the day the preliminary lien was filed straight through the end of the job. The preliminary lien ensures that the supplier or subcontractor will get paid one way or another as long as the correct serving procedures are…
Liens are encumbrances upon the property of another person who owns you a debt. A lien secures the a debt by tying up the property. A valid lien is enforced by foreclosing on and selling the property in order to pay creditors. Your lien might or might not be subordinate to other liens placed upon the property. Liens are a complicated area of the law and it's wise to consult an attorney.
The powers and administration of home owners associations (HOAs) in Virginia are regulated by the commonwealth's Property Owners' Association Act, which is part of the Code (Statutes) of Virginia. The Act permits an HOA to charge and collect assessments from the individual owners and allows the HOA to create a lien against each individual property for those assessments.
The Pennsylvania Homestead and Farmstead Exclusion Act allows for a reduction in the declared value of property used as permanent residences by Pennsylvania taxpayers. However, in the case of foreclosure, such benefits can be forfeited.
A seller of real estate uses a deed to convey title or interest in the property to the buyer. Deeds come in different types, with some providing more protection to the buyer than others. Of all deed forms, the quitclaim deed gives the buyer the least amount of protection. Instead of conveying marketable title, the quitclaim deed only conveys the seller’s interest in the property to the buyer.
The Uniform Commercial Code covers the rights of both an assignee and a holder in due course. The UCC's purpose is to "(1) simplify, clarify, and modernize the law governing commercial transactions; (2) to permit the continued expansion of commercial practices through customs, usage, and agreement of parties; and (3) to make uniform the law among the various jurisdictions."
Tenants have the right to rent a home in foreclosure and may even remain in the home after it is foreclosed. A rental escrow account is a bank account established by court order that allows you to deposit the rent for the owner of the home. Escrow accounts are generally used when the landlord is not maintaining the home. Instead of withholding rent yourself, request an escrow account supervised by the court.
A lien is an encumbrance upon a piece of property which is used to secure a debt. The word lien is French for knot or binding, and a property with a lien against it is said to be "tied up." Liens are governed by state laws, so the procedure for obtaining a lien can vary slightly from state to state. However, the basics steps a Homeowners' Association (HOA) needs to follow to obtain a lien against a homeowner who owes dues to the HOA are similar in every state.
Counties and municipal governments raise money to cover operating costs by assessing property taxes. If a landowner fails to pay the property tax, the local authorities can place a lien on the property. Many counties sell these property liens at auction, and in many instances, you can gain control of a property as a result of buying a tax lien. However, laws on tax sales vary from state to state, so you do not necessarily gain control of the property when you secure the tax lien.
It can be advantageous to inherit tenants in a property you've bought either by yourself or jointly with a nonspouse if you plan to continue renting the property and the tenants are conscientious. If you want to use the property for another purpose, however, or the tenants are less than conscientious, it may be more to your advantage to have them leave. Evicting tenants is not a complicated process, but it takes time, and you must follow the correct procedure. If the tenants have a lease, you can't evict them without a good reason until the lease expires.
A quitclaim deed transfers a person’s interest in property to another person or entity. The party giving the property away makes no guarantees about the property when using a quitclaim deed. In other words, the property comes “as is.” Under North Carolina law, this means that property may be transferred even though someone else has a lien on the same property. Whatever the person granting the property owns is transferred by the quitclaim deed, regardless of what that ownership actually includes.
If you were contracted in Michigan to build a house, complete remodeling repairs or just upgrade a building's interior systems such as electrical or plumbing, you would expect to be paid for all that work when you were finished. Unfortunately this isn't always the case, and there are times when a building is completed and someone tries to get away with not paying. The legal recourse in this situation is to file a mechanic's lien on all of that hard work you did.
Michigan law allows homeowners associations to place liens against real estate for delinquent association fees. Property liens cloud property titles and may eventually lead to foreclosure. Michigan law requires homeowners associations to follow strict filing requirements for liens. A Michigan homeowners association should seek an attorney's advice before recording a lien to ensure compliance with state law.
Subordinate lien holders can hold up the sale of your home or an attempt to refinance. You can have several encumbrances, or liens, against your property at once so the law must place them in a single file lien to collect against the property. Although the primary lien holder usually has the most power, sometimes it is better for the first lien holder to subordinate his lien.
Concurrently owned property allows two or more individuals to jointly own real estate. State laws establish the property rights that joint owners have, and the majority of state laws are based on English common laws. Generally, since jointly owning property creates indivisible ownership rights, and each joint owner has an equal right to use the entire share of property, joint owners cannot lien a co-tenant's property, ouster or prevent use by joint tenants.
The Michigan Truth in Renting Act covers the rights and responsibilities of landlords and tenants in the state. The act outlines the monetary responsibilities of joint tenants, lease disclosure requirements and different types of tenancy. When it comes to a lease agreement, tenants who decide to sign a joint lease are taking responsibility not only for their own actions but for the actions of their roommates as well.
A quitclaim deed is a legally binding document transferring one person's interest in a piece of property, such as a house, mobile home or land, to another person. The person who gives up the interest is the grantor; the person receiving the property interest is the grantee. The revocation of a quitclaim deed in Arizona is treated the same as in any other state -- it is only granted under specific circumstances and for certain reasons.
A quit claim deed is used to indicate that a person does not claim ownership of the real estate described in the deed. When you attempt to sell real estate in which your ex-wife may have previously been a co-owner with you, the buyers may request a quit claim deed as part of closing the escrow for the sale. If you ex-wife refuses to voluntarily sign a quit claim deed, your options will depend on what happened in your divorce and the terms of the sale agreement with your buyer.
Financed Texas properties have either a recorded deed of trust or a mortgage lien and a foreclosure is the enforcement of that lien. If the proceeds of a foreclosure sale aren't sufficient to pay off the mortgage, the Texas lender has two years to file for a deficiency judgment against the personal assets of the borrower. This enables the lender to try and collect the difference between the fair market value of the property at the time of the sale and the unpaid loan balance.
If you fail to pay your delinquent federal income taxes, the Internal Revenue Service may file a federal tax lien on all of your property, including your home. Similarly, if you have unpaid past due state taxes, the state of Massachusetts may impose a lien on your property. In both situations, whether you can sell your house with a tax lien on it depends on the fair market value of your home and your other assets.
As a tenant, you may assume that because you are paying rent to your landlord, the landlord is making his mortgage payments to the lender. However, in some cases, the landlord may be unable to meet his mortgage obligations, and the lender may elect to foreclose on the property. If you are a Texas resident, your landlord's foreclosure can have several effects on your rights as a tenant.
Creating a trust fund for a minor child is often a means of giving assets to the child to provide for their education and reduce estate taxes for the person establishing the trust. But trust funds are not limited to money. Real property also can be placed in trust for a minor child to protect the asset or property from liens and lawsuits guaranteeing that it will ultimately benefit the minor child. Placing assets and property in a minor's trust is a way to shield them from civil action.
When a debtor passes away, you may assume he is no longer responsible for his debts; however, a debtor is not freed from the responsibility of repaying debt upon the event of his death. The repayment of debt falls on the debtor's estate. In the case where there was a co-signor on the mortgage, the co-signor is now responsible for the remaining amounts owed.
When a homeowner accepts a mortgage loan to purchase a house, the homeowner grants a lien on the house to the mortgage lender, which is often a bank. That way, if the homeowner defaults in repaying the mortgage loan, the mortgage lender has recourse against the home. The mortgage lender can take the home back through a foreclosure process. Sometimes, this process can result in the elimination of all the other liens on the property, but not always. If you have a lien on someone's house and it goes back to the lending bank in foreclosure, you will have to…
A voluntary lien is created when a borrower pledges a property as collateral for a loan. A lien is recorded and gives the creditor the ability to initiate a foreclosure if the borrower fails to make the loan payments. However, on the plus side, the borrower receives the necessary funds to purchase a property. Other types of liens are involuntary and are recorded on the property without the permission of the owner.
In Texas, when child support is not fully paid and an arrearage occurs, the custodial parent or the Office of the Attorney can place a lien on property held by the non-custodial parent. The lien can only be placed on property the delinquent parent owns either wholly or partially. Property that is not owned by the parent cannot have a lien placed on it.
Pennsylvania law provides that loans secured by real estate be documented by a mortgage. The lender has the right to foreclose against the mortgaged property in the event of a default on the loan by the borrower. Foreclosure must follow certain legal procedures, including provision of notice. Pennsylvania law requires a separate eviction action after foreclosure.
Horror stories abound of homeowners who have had their homes foreclosed and sold out from under them because of liens placed by their homeowners’ association. An article on finance website Bankrate.com lists a few reports received by the publication, such as the story of a woman in Tampa, Florida, who was unaware that her attorney had paid $497 short on her outstanding HOA fees of $4,000. Her HOA foreclosed on her home and sold it at auction for $4,651 to a property company, which then resold it for $88,000.
