Posted on: 25th Jun, 2010 06:06 am
What is it? Does that mean that the grantor still has rights?
One of the lines on the warranty deed with lien covenants says "That the Grantors will forever WARRANT the title to said premises."
Another line says "Subject to the trust fund provisions of section thirteen of the lien law."
One of the lines on the warranty deed with lien covenants says "That the Grantors will forever WARRANT the title to said premises."
Another line says "Subject to the trust fund provisions of section thirteen of the lien law."
Hi judedel,
As far as I know, a lien covenant is a condition where the borrower has to comply with certain terms and conditions of the loan agreement. In case, the borrower does not act in accordance with the covenants, the lender can call the loan due and has the right to demand payment. You need to check out whether or not there is any lien on the property. If yes, then the original borrower needs to take steps to pay off the dues.
Thanks
As far as I know, a lien covenant is a condition where the borrower has to comply with certain terms and conditions of the loan agreement. In case, the borrower does not act in accordance with the covenants, the lender can call the loan due and has the right to demand payment. You need to check out whether or not there is any lien on the property. If yes, then the original borrower needs to take steps to pay off the dues.
Thanks