Escrow & Title
In Kentucky, the priority of liens is generally determined by:
AThe dollar amount of the lien
BDate and time of recording✓ Correct
CThe type of lien regardless of when recorded
DThe lienholder's choice
Explanation
In Kentucky, lien priority is generally determined by the date and time of recording (first in time, first in right), though real property taxes typically take priority over other liens.
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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.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
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