After reading the course resources, answer questions 1-10. (10 points each) Please take time to answer each question completely.
A common, but easily preventable, occurrence for many commercial property owners is having a mechanic's lien filed against their property when their tenant has not paid its contractor and/or their tenant's contractor has failed to pay one of its suppliers, subcontractors or laborers for improvements made to the property by the tenant. The mechanics lien is a cloud on the property's title and can prevent the sale or refinancing of the property until the mechanic's lien is paid. Often a mechanic's lien for tenant improvements is discovered long after same has been filed in the public records, but by taking a few proactive measures landlord's can ensure that their properties will be protected from the burdens imposed by such mechanic's liens.
The attached form is drafted to meet minimal statutory filing requirements pursuant to the relevant code provisions. This form and the information provided are not substitutes for the advice and services of an attorney and tax specialist.
The State of California has a mixed approach in that it is a lien theory and title theory state. According to lien theory "execution of a mortgage or a deed of trust only creates a lien against the property, it does not transfer title. The borrower retains full title to the property throughout the term of the loan and the lender simply has the right to foreclose the lien if the borrower defaults. California is a lien theory state in regards to mortgages but is a title theory state in regards to deeds of trust. According to title theory, the property is transferred but only as collateral with no possessory rights and is referred to as "legal title, bare title, or naked title." (Haupt, 2009, p.206) In either case, should the borrower default, they will lose the property.
This course utilizes resources via the WGU Library, with articles available for you to read. For
Thompson, Arthur A. , Gamble, John E. , & Strickland, A. J. (2006). Strategy: w
A municipal lien search is a search to investigate whether any unrecorded municipal liens or debts, such as real estate property taxes, municipal and county debts, code enforcement violations, special assessments, waste, water, sewer balances, and open or expired permits exist on a residential or commercial property. A municipal lien search will also assist title agents, real estate attorneys, and financial institutions in removing the standard exception for service charges, special assessments, and waste fees from title insurance policies and help facilitate real estate
Gentlemen, for your assignment, please watch the two videos below and answer the guide questions that follow.
At the end of the training you should be able to understand the following items (Ferrell, Fraedrich & Ferrell, 2008);
2. the majority of instalment contracts is sold with recourse to unrelated financial institutions at an agreed upon rate which is below the contractual interest rate of the instalment contract
I Already Had a Title Search Done. Why Do I Need a Municipal Lien Search?
Florida Tax Lien Title, Inc. provides Municipal Lien Searches and HOA Estoppel letters and reports. We cover all 67 Florida counties. Municipal lien searches and HOA Estoppel research will further protect your client in a real estate transaction.
As a court judge, I would rule that the Interstate Bank of Bastrop’s judgment lien has first priority because the judgment lien was recorded prior to Red River’s mortgage lien. In general, the priority of a judgment lien is typically determined by the recording dates, which concludes which lien gets paid first. For this reason, Red River Thrift and Loan Co. and Interstate Bank of Bastrop have sensible rights to complain for priority in order to enforce Phil Dunfee’s debt. In other words, if Red River received first priority and the foreclosure sale continued, then Interstate Bank of Bastrop would never get paid. As a result, Interstate would consider this unreasonable, especially since the judgment lien was filed before Red River had filed their note and mortgage with Dunfee. In brief, Interstate Bank of Bastrop has priority over Red River because of the series in which the liens and mortgages were recorded.
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Those involved in the lending process establish financing terms to protect the positions of all parties. The debt guarantee in Williams’ proposed financing, for example, provided insurance for the repayment of debt. Williams would essentially act as a co-signer for Williams Production RMT’s obligations to Berkshire Hathaway and Lehman Brothers. Per the terms, Williams would have to agree to make payments in place of Williams Production RMT if any of the payments were late or not paid.