Escrow & Title
In West Virginia, a vendor's lien arises when:
AA contractor files a mechanic's lien for unpaid work
BA seller extends credit to a buyer (seller financing) and retains a lien on the property to secure the unpaid purchase price✓ Correct
CA municipality places a lien for unpaid property taxes
DA judgment creditor places a lien on all of the debtor's property
Explanation
A vendor's lien is an equitable lien held by a seller who has not been fully paid for a property. Even without a formal mortgage, the seller may have a vendor's lien to secure the unpaid balance of the purchase price.
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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.
Closing CostsFees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
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.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
State-Specific Concepts
Mechanic's Lien
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