Real Estate Law 63

admin 2019.05.12 19:17 Views : 224

Check Your Understanding Answers

  1. What are four legal features of a lien?
    • A lien does not convey ownership, with the exception of mortgage liens or deeds of trust.
    • A lien attaches to the property.
    • A property may be subject to multiple liens.
    • A lien terminates on payment of the debt and recording of documents.
       
  2. List the two main differences between a deed of trust and mortgage.
    • Mortgages have two parties and deeds of trust have three parties.
    • Foreclosures with a mortgage are a judicial process and with a deed of trust they are non-judicial.
       
  3. What is an involuntary lien?

    An involuntary lien is one that a legal process places against a property which the property owner did not agree or consent to.
     
  4. Compare general and specific liens.

    A general lien is placed against any and all real and personal property owned by a particular debtor.

    A specific lien attaches to a single item of real or personal property and it does not affect other property owned by the debtor.
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