1. One type of lien is the mechanic’s lien, commonly found in home construction, rehabilitation, and addition projects. Chapter 10 Real Estate Taxes and Other Liens

2. Modern Real Estate Practice 17th Edition Creating Liens (VISE) ê Voluntary – created intentionally ê Involuntary – created by law ê Statutory – created by statute ê Equitable – created by common law

3. Modern Real Estate Practice 17th Edition Liens é General é affect all property, both real and personal é Specific é secured by specific property é Priority é Subordination

4. Modern Real Estate Practice 17th Edition

5. Real Estate Tax Liens é General (ad valorem) é Exemptions é Assessed value é Equalization é Calculation and billing é Enforcement é tax sale é right of redemption – equitable or statutory é Special Assessments é Homeowner Tax Relief

6. Modern Real Estate Practice 17th Edition Other Liens on Real Property é Mortgage (Deed of Trust) Liens é Mechanic’s Liens é Judgment Liens é Lis pendens é Attachment

7. Modern Real Estate Practice 17th Edition Other Liens on Real Property é Estate and Inheritance Tax Liens é Liens for Municipal Utilities é Bail Bond Lien é Corporation Franchise Lien é IRS Tax Lien