Chapter 10: Real Estate Taxes and Other Liens

12 terms by MAYHEEZY 

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Ad Valorem Tax

Tax levied according to value, used to refer to real estate taxes

Judgment Lien

After judgment entered and recorded with county recorder, becomes a general lien on defendant's real and personal property

Lien

Right given by law to certain creditors to have their debts paid out of the property of a defaulting debtor, usually by court sale

lis pendens

Recorded legal document giving constructive notice that the property is the subject of an action filed in a state or federal court

Mechanic's Lien

Statutory lien in the property where contractors or materialmen have labor or materials in a given property

Mill

One-tenth of one cent used in some states to compute real estate taxes; i.e., 52 mills = $0.052 tax for each dollar of assessed valuation of a property

Mortgage Lien

Lien on the property of a mortgagor (owner) that provides security for a loan

Redemption Period

Time frame in which property owners in some states have the right to redeem their real estate by paying the sales price, interest and costs

Satisfaction Piece

Document acknowledging that the debts have been repaid

Special Assessment

Tax or levy against only the properties that will benefit from a proposed public improvement like a sewer or paving a street

Specific Lien

Lien affecting or attaching only to a certain, specific parcel of land

Subordination

Written agreement between lien holders that changes the priority of mortgage, judgment and other liens under certain circumstances

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