Escrow & Title
Under Hawaii's priority of liens, which lien typically has the highest priority?
AA. A second mortgage recorded after the first mortgage
BB. A mechanics lien filed after closing
CC. A property tax lien✓ Correct
DD. A judgment lien from before the sale
Explanation
Property tax liens in Hawaii are typically given super-priority over other liens, meaning they take precedence even over prior recorded mortgages.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
State-Specific Concepts
Mechanic's Lien
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