Escrow & Title
In Kansas, what is the 'priority of liens' when multiple liens exist on a property?
AAll liens are equal regardless of recording date
BGenerally, liens are prioritized by the date and time of recording, with earlier recording having higher priority✓ Correct
CMortgage liens always take priority over all other liens
DGovernment tax liens always rank last
Explanation
Kansas follows the 'first in time, first in right' principle — liens recorded earlier generally have priority over later-recorded liens. Exceptions include property tax liens, which typically have super-priority.
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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.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
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.
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