What does statutory mean in real estate?

A statutory warranty is essentially a guarantee that the property you are purchasing has not been damaged, remodeled, or rebuilt without a proper inspection and approval from a licensed inspector. The buyer is protected under the law if the seller fails to follow these requirements.

The warranty is not an unfair or deceptive practice, but rather a way to protect a buyer’s investment and ensure the property is in the same condition as it was when purchased.

What does statutory lien mean in real estate?

A statutory lien is a claim against the property that is created by a specific statute. If you take out a mortgage on a piece of property, that gives you a lien on the property. A mechanic’s lien is another example of a statutory lien. A mechanic’s lien is created when the mechanic or subcontractor performs work on the property. The lien is on the property itself, not on the owner.

What does statutory lien mean in Arizona?

A lien is a claim to the property of someone else. When you take out a loan, the bank or lender typically puts a lien on the property you will be purchasing or the property you currently own. In order to have clear title, you need to pay off the balance of the loan in full before you can transfer the property to yourself. A lien on the property is known as a “first lien” or a “primary lien.”

What does statutory lien mean in California?

Statutory liens are those created by the state or a local government to secure the repayment of a debt. The term "statutory" refers to the fact that the lien is created by the state or local government. There are several situations in which a statutory lien can be imposed on real property.

What does statutory lien mean in Texas?

A statutory lien is created by Texas state law. A lien is a claim that is placed on the property of an individual or business to secure a debt or repayment of a debt. There are two types of statutory lien: construction liens and personal property liens. A construction lien is created when a contractor, subcontractor, laborer, or materialman performs work on a piece of property to improve it. A personal property lien is created when a vendor, contractor, subcontract