What is an example of a vendor's lien

A purchase money mortgage, or seller financing, is a type of vendor's lien in which a seller has the right to repossess a piece of real estate from a delinquent buyer. It is commonly used when a buyer has poor credit and cannot secure a loan from a bank or other lending institution.

What is the purpose of a vendor's lien in Texas?

The first is the well known deed of trust securing the buyer's promissory note (sometimes referred to as the real state lien note). The second is the lesser known vendor's lien retained by the seller in the deed. A vendor's lien is a charge imposed by law to secure the payment of the purchase price for real property.

What is a vendor's lien with warranty deed in Texas?

A Warranty Deed With Vendors Lien contains the Sellers guarantees of a warranty deed but with a lien. This deed is part of a seller finance package of documents. It is a transfer of real estate property where a lien for the unpaid purchase price in favor of the Seller is retained.

What is a vendor's lien in Alberta?

A vendor's lien allows an unpaid vendor to claim an interest in land, even without a mortgage in the vendor's favour. However, the vendor may still have priority problems.