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17 Cards in this Set

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ASSESSMENT ROLL
spreads the assessment over the various parcels of real estate that will benefit, and hearings are held to confirm the roll. The amount of the assessment for each parcel usually is determined by one of the two following criteria: (1) estimated benefit each tract will receive by reason of the assessment or (2) front footage. Regardless of the basis used, the assessment usually varies from parcel to parcel because all will not benefit equally from the improvement.
mortgage or purchase-money lien
a voluntary, specific lien on real estate given to a lender by a borrower as security for a mortgage loan. It becomes a lien on real property when the mortgage funds are disbursed. The lender then files or records the mortgage or deed of trust in the office of the county clerk where the property is located
MECHANICS LIEN
a specific, involuntary lien that gives security to persons or companies that perform labor or furnish material to improve real property. A mechanic's lien is available to contractors, subcontractors, architects, engineers, surveyors, laborers, and other providers
enhancement of value theory
because the labor performed and material furnished enhanced the value, the property should be security for payment. If the property owner does not pay voluntarily, the lien can be enforced with a foreclosure sale
general contractor
perform a particular construction job and pays this person all fees and expenses
subcontractor
a genersl contractor hires _________to actually furnish the materials and perform the labor.
judgement
a decree issued by a court.becomes a general, involuntary, statutory lien on both real and personal property owned by the debtor, although __________ liens do not normally attach to homestead property in Texas.
money judgement
When the decree provides for the awarding of money and sets forth the amount of money owed by the debtor to the credito
attachment
court retains custody of the property until the suit is concluded. To obtain an ______, a creditor first must post with the court a surety bond or deposit sufficient to cover any possible loss or damage the debtor may sustain during the period the court has custody of the property, in case the judgment is not awarded to the creditor.
lis pendon
is not a lien but rather a notice of a possible future lien. Recording of the __________ gives notice to all interested parties, such as prospective purchasers and lenders, and establishes a priority for the later lien, which is dated back to the date the lis pendens was filed for record
estate and inheretence taxes
general, statutory, involuntary liens that encumber a deceased person's real and personal property. These are normally paid or cleared in probate court proceedings.
vendors lien
when he or she has not received in cash the full purchase price from the buyer (vendee) of the real estate. a claim on the real estate and is used only as security for the purchase-money debt. This is a specific, equitable, involuntary lien for the amount of unpaid balance due the seller or third-party lender.
vendees lien
buyer's claim against a seller's property in cases where the seller failed to deliver title. This usually occurs when property is purchased under an installment contract or contract for deed and the seller fails to deliver title after all other terms of the contract have been satisfied.a specific, equitable, involuntary lien for any money paid plus the value of any improvements made to the property by the buyer. It arises because of the doctrine or theory of equitable title in favor of the buyer.
wage lien
attaches to all real and personal property belonging to an employer who owes back wages to an employee, as determined and ordered by the Texas Workforce Commission.given "super-priority" status and, except for ad valorem tax liens, takes priority over all other liens including previously recorded liens
irs tax lien
results from a person's failure to pay any portion of federal IRS taxes owed, such as income and withholding taxes.
federal judgement lien
becomes a lien on all property of the judgment debtor upon the government's filing of a certified copy of the judgment or an abstract of judgment for such debts as unpaid student loans and deficiencies on government-insured or government-guaranteed loans. The judgment is filed in the county in which a debtor owns real property. The lien is effective for 20 years and applies to all judgments entered on or after May 21, 1981
uniform commercial code
a body of law that attempts to codify and make uniform throughout the country all laws relating to commercial transactions. The main relevance of the _____ to real property is in the area of personal property and fixtures.