Statutory Liens


Definition of "Statutory liens"

Joey Wray
Joey Wray Valentine Properties

Charges resulting in involuntary encumbrances against real property derived from legislated law rather than from debts owed to organizations o r individuals. For example, of a homeowner does not pay his real estate taxes, the tax assessor may statutorily place a lien on his or her property for the back taxes owed.

Have a question or comment? We're here to help.

 
 
 
*** Your email address will remain confidential.
 
 

Search Real Estate Terms

 

Popular Real Estate Terms

Unsecured Loan

loan that is not secured by a mortgage on a specific property. It is backed only by the borrower's credit rating. Unsecured loan are typically short t ...

Assignor

Individual or business transferring a right or benefit to another person or business. ...

Principal And Interest Payment (P&I)

Used to indicate what is included in a monthly payment on rental property. If the payment includes only principal and interest, property taxes, and ha ...

Perimeter Heating

Warm air heating system where ducts are located in the concrete slab of a building constructed without a basement. As the name implies, a perimeter he ...

Lien, Junior

Subordinate lien to a previous lien. Generally attached after a previous, and therefore senior, lien has been attached to property. In the event of a ...

House Rules

Rules regarding day-to-day use of the premises. ...

Popular Real Estate FAQ

What Is An Agent?

A person authorized to work on anothers behalf-for instance, a person authorized to sell or buy a house on your behalf. ...

What Is The Difference Between Being Prequalified And Preapproved For A Loan?

The difference between being prequalified and preapproved is simple: If you\'re prequalified it means that you POTENTIALLY could get a loan for the ...

What Is A Proprietary Lease?

A proprietary lease is lease used for co-ops that give the shareowners the right to live in a particular unit. ...

What Is A Buyer’s Agent?

An agent hired by buyers to help them find and negotiate the purchase of a home. This agent works for the best interests of the buyers, not the seller ...

What Does FSBO Mean?

FSBO means for sale by owner. ...

What Is Cooperative?

Cooperative is a form of home ownership in which you own shares in a corporation. In return for the purchase of shares, you are allowed to live in a u ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews
Read Reviews

Agents join here
Add our widget on your Website

Real Estate Advice

10 Real Estate Tips for Homebuyers What is Escrow and how does it Work? Understanding the Housing Market on Your Own: How to Predict Local Real Estate Market Trends With no Help from an Agent Finding Your Real Estate Niche: For Sale By Owner When to buy a house

FAQ

What is a basic policy? What happens when you prequalify? How can I protect my Home Office? How much Life Insurance do I need? What is a cap?