Vendor’s Liens
Underwriting Manuals
Standard Exceptions
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Table of Contents
VEN
Vendor’s Liens
If the purchaser owes a portion of the purchase consideration to the seller, the law generally implies a vendor’s lien.
Exceptions
VENX01
STG
12/01/1995
V
2
Implied Vendor’s Lien
Lien, if any, in favor of __________________, the grantor in the instrument recorded _______________, arising from the fact that part of the purchase price of the land remains unpaid.
Comment: If you know that the seller has not yet received all consideration due for the purchase of land and that the debt is not secured by a mortgage, you should add this exception for a possible implied vendor’s lien. This right may even be asserted in divorce settlements where one spouse agreed, as part of the property settlement and award of title, to pay the other spouse or creditors.
Comment: If you know that the seller has not yet received all consideration due for the purchase of land and that the debt is not secured by a mortgage, you should add this exception for a possible implied vendor’s lien. This right may even be asserted in divorce settlements where one spouse agreed, as part of the property settlement and award of title, to pay the other spouse or creditors.