Escrow & Title
A 'vendor's lien' in Georgia arises when:
AA. A contractor fails to complete work on a property
BB. A seller extends credit to a buyer and retains an equitable lien on the property for the unpaid purchase price✓ Correct
CC. A vendor supplies materials but is not paid by the contractor
DD. A property owner owes money to a home improvement store
Explanation
A vendor's lien (purchase money lien) is an equitable lien in favor of the seller when they have extended seller financing. Even without a recorded security deed, Georgia courts may recognize a vendor's lien to secure the unpaid balance.
Related Georgia Escrow & Title Questions
- In Georgia, a deed must contain a legal description that:
- A satisfaction of mortgage (or discharge) is recorded when:
- In Georgia, a 'special warranty deed' limits the grantor's covenant to:
- A 'special assessment' lien arises from:
- An owner's title insurance policy in Georgia protects:
- A title company that discovers a gap in the chain of title (missing deed) would typically:
- Owner's title insurance protects against:
- The Loan Estimate (LE) under TRID must be provided to the borrower within how many business days of application?
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