Statutory Liens
Definition of "Statutory liens"
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.
Popular Real Estate Terms
Two or more parties agree to something. An example is when the two parties to a contract mutually agree to make certain revisions to it. ...
A mortgage loan is nothing more than a real estate debt instrument. Acquiring a mortgage loan is the most common method of financing a home in America. The benefits are tremendous and ...
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Term given to two depreciation systems defined by the Internal Revenue Service: The main system is called the General Depreciation System (GDS). Under GDS, most property is assigned to ...
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