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Assignment of seller’s lien.
Assignment of seller’s lien
Assignment of seller’s lien is a document that states that, the seller of a particular property can retain the title of that property, until or unless the price of the property is paid fully by the purchaser without any due payments. The seller has the rights to take back the property, if the due payments are not paid by the purchaser or, if the seller loses hope on the purchaser regarding the payment. The seller’s lien may vary according to the location of the real property by state and county. Hence, the seller’s lien is reserved by the state or county to secure the payment of notes.
The seller of the land mentions the full amount that the purchaser has to pay to the seller within a given date as mentioned in the document. Failure to do so, can result in losing of the title of the property of the purchased land back to the seller of that property. This document also mentions the state date, maturities and interests that hold the property and which have to be taken care of, by the purchaser of the title. This document is registered before the signing of closure agreement of the property and is maintained until payment. Hence, it is highly recommended to the purchaser to take at most care about the payments and other fee regarding the property. Hence, after the full payment is made to the seller, the purchaser is capable of holding the rights of the title of the property.
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