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Warranty Deed with Vendor’s Lien Template: Terms and Form
WARRANTY DEED WITH VENDOR’S LIEN FAQ
What is a Warranty Deed with Vendor’s Lien?
A Warranty Deed with Vendor’s Lien is a legal instrument that transfers ownership of real estate from the seller (Grantor) to the buyer (Grantee), while allowing the seller to retain a lien on the property until the full purchase price has been paid.
Why is a Warranty Deed with Vendor’s Lien important?
It protects the seller by securing payment for the property, while still conveying ownership to the buyer. The lien ensures that if the buyer defaults on payments, the seller can enforce the lien and potentially reclaim the property.
When should you use a Warranty Deed with Vendor’s Lien?
It should be used in real estate transactions where the buyer is financing all or part of the purchase price directly with the seller, often in situations without a traditional mortgage lender.
What should a Warranty Deed with Vendor’s Lien include?
It should identify the parties, describe the property, state the purchase price, include details of the unpaid balance secured by the lien, set out the promissory note terms, and contain a warranty of title. It must also be signed, notarized, and recorded with the appropriate authority.
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