vendor's lien (Meaning)
vendor's lien ()
An implied lien (that is, one not created by mortgage or other express agreement) given in equity to a vendor of lands for the unpaid purchase money.
Synonyms & Antonyms of vendor's lien
No Synonyms and anytonyms found
vendor's lien Sentence Examples
- The vendor's lien grants the seller a legal claim on the property sold if the buyer fails to pay.
- Under California law, a vendor's lien is created automatically when a buyer takes possession of real estate without fully paying the purchase price.
- The vendor's lien secures the unpaid balance of the purchase price and interest.
- A vendor's lien can be enforced through foreclosure if the buyer defaults on the loan.
- The vendor's lien is subordinate to other liens with priority, such as mortgages and tax liens.
- Sellers often waive their vendor's lien in exchange for a mortgage or other form of security.
- A buyer can terminate a vendor's lien by paying off the underlying debt.
- The vendor's lien is an important tool for protecting sellers who have yet to receive full payment for their property.
- In some jurisdictions, a vendor's lien can be extended to include improvements made to the property by the buyer.
- The scope and enforceability of a vendor's lien vary depending on the state or country where the property is located.
FAQs About the word vendor's lien
An implied lien (that is, one not created by mortgage or other express agreement) given in equity to a vendor of lands for the unpaid purchase money.
No synonyms found.
No antonyms found.
The vendor's lien grants the seller a legal claim on the property sold if the buyer fails to pay.
Under California law, a vendor's lien is created automatically when a buyer takes possession of real estate without fully paying the purchase price.
The vendor's lien secures the unpaid balance of the purchase price and interest.
A vendor's lien can be enforced through foreclosure if the buyer defaults on the loan.
