Escrow & Title
In Wisconsin, the priority of liens is generally determined by:
AThe lien amount
BThe date and time of recording (first in time, first in right)✓ Correct
CThe type of lien
DThe lender's credit rating
Explanation
Wisconsin follows the 'first in time, first in right' principle for lien priority — generally, the first lien recorded has priority over subsequently recorded 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.
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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