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What does the lender create to secure a loan?
A deed of trust
How many parties does a deed of trust involve?
- Trustor- Buyer
- Beneficiary- Lendor-Bank
- Trustee- Neutral 3 party who holds temporary title
When a trust deed is paid what is generated?
A reconveyance deed is generated by the neutral 3rd party trustee
What are 3 notices pertaining to mechanic's liens?
- 1. Notice of non-responsibility
- 2. Notice of cessation
- 3. Notice of non-completion
A mechanic's lien may be filed by the original contractor within how many days?
60 days from filing for record of the notice of completion.
A mechanic's lien may be filed by any claimant other than the original contractor within how many days?
30 Days of notice of completion
If the notice of completion is not recorded, a mechanic's lien may be filed by any claimant within how many days?
90 days after completion
How many years is an attachment lien good for?
What does Lis pendens stand for?
What is a judgement?
A monetary decision against a defendant to a lawsuit
What happens when an abstract of judgement is recorded?
It creates an involuntary general lien against the defendant
What is an example of a voluntary lien?
trust deed or mortgage
What must be filed prior to recording a mechanic's lien?
a 20-day notice must be filed prior to recording a mechanic's lien
What must take place to make a mechanic's lien valid?
It must be verified and recorded
When the IRS records a tax lien against a taxpayer a lien is created on any real property they own. What is the name of this lien?
What is the homestead exemption regarded as?
What amount does the homestead exemption protect the head of household up to?
And other members of the household?
- Head of Household $75,000
- Other Members $50,000
What is an easement?
The right to enter and use another's land
What is the land burdened by the easement called?
What is the land benefited by an easement called?
The dominant Tenement
What are the two different types of easement called?
- Apurtenant and
- Easements in Gross (Utility Companies)
What 3 ways can an easement be obtained?
- 1- Continuous and uninterrupted use for 52- The use is hostile and adverse (meaning without license or permission)3- The use is open and notorious (meaning the owner knows or could have known of the use)
What time period can an easement be created for?
Any time period
Where do restrictions originate from?
Both public and private sources
Where are public restrictions generally found?
Where are the 3 places that private restrictions generally found?
- 1- Deed
- 2- CCR's
- 3- Memorandum of agreement
If a public and private restriction on the same property differ, which one controls?
Which ever one is more restrictive
What is an injunction?
It is used to enforce a private restriction
What is an encroachment?
It is a form of a trespass----not by a person but by a structure/thing
How long does an individual have to take action when there has been an encroachment?
WIthin 3 years
What can the offended party's remedy be if a friendly agreement cannot be reached between two parties
sue the neighbor
Who usually places private restrictions on a sub-division (property)?
A condition is a restriction that involves more serious consequences than a covenant, because a condition may contain what clause that could bring about a change of ownership?
What is a covenant?
What would you like to do?
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