Liens

Broker's Lien

A lien on the rent paid by the tenant in the amount of the compensation (commission) agreed on by the owner and the broker.

Exempt Property

Certain kinds of property are exempt from attachments, meaning an attachment lien can't be put on them and they can't be seized while awaiting a judgment.

Landlord's Lien

If a tenant fails to pay rent, the landlord can enforce a lien on the tenant that dates back to the beginning of their tenancy and takes priority over any other lien attached to personal property the tenant has on the landlord's property.

Governments typically levy two types of taxes on real estate:

Special assessments (also called improvement taxes) Ad valorem taxes (based on the assessed value of the property)

Filing a Mechanic's Lien in Virginia must include:

The name of the owner of the property The name of the person filing the lien A brief description of the property The amount of the lien and when it must be paid

Lien priority

The order in which liens are paid off out of the proceeds of a foreclosure sale. Tax liens always have the highest priority.

lis pendens

This informs the public, including any interested parties, of the potential claim on the property.

mechanic's lien

a mechanic or materialman can impose upon a property if the property owner fails to pay for materials or work done on the property

specific lien

applies to a certain property only. Personal property is not affected.

Execution Liens

can be issued by a court to force payment of monies owed from a judgment when a debtor does not pay. It gives court officers the right to confiscate and sell the debtor's property to satisfy the debt.A writ of execution

Bail Bond Liens

can be put up in the form of real estate in lieu of cash when a property owner is accused of a crime.

Tax Liens

considered statutory liens because they are brought by a government entity.

voluntary lien

created on purpose and with the agreement of the owner of the property in question.

general lien

for which the real estate AND personal property may be sold to satisfy the debt.

junior lien

inferior lien, is a lien that has another (senior) lien superseding it in priority.

Judgment Liens

involuntary, general liens that attach to a person's property as a result of court action

subordination agreement

is a contract that gives a mortgage recorded at a later date priority over a previously recorded mortgage. It's separate from the sales contract, and it's used when the lien holder is unwilling to accept a lower position in the priority of liens.

vendee's lien

is a document declaring a claim from a buyer that the seller has not transferred title to the buyer according to the agreement.

vendor's lien

is a specific, involuntary lien that is used when a buyer doesn't take out a loan, but also doesn't pay the full purchase price of the property. Until the buyer pays the seller all the money they owe them

involuntary lien

obtained through an action of law without the owner's consent. The property owner does not take any action to initiate the lien.

senior lien

superior lien is a lien that comes first in the priority of liens. If there's a tax lien involved

Special Assessments

taxes on properties that benefit from public improvement projects.

Attachment Liens

writ of attachment.the court seizes property until it reaches a judgment.An attachment lien is a general, involuntary lien and may attach to all of the owner's property except their homestead property.