HEY....can Anyone Help, Thxs
I am a expeditor that is changing professions to title researcher. I have a few terms that I need to obtain the meaning to, so that I may know how to provide the appropiate reseach.
I NEED HELP WITH THE MEANINGS OF THE FOLLOWING:
1. Fifas against owner
2. easements on the property
3. Security Deeds
4. materialmen liens against the property
5. homeowners association filing lien for non- payment
6. Probate proceedings
7. protective covenants
8. plat exceptions
9. title defects
10. UCC searches
11. Statewide UCC Certifications
12. copy of vesting deed
13. protective covenants
14. LLC
15. closing cost
16. escro
Thank You for ur help in these matter. :-o nullnull
I would suggest going to TCI's product page at http://www.thecreativeinvestor.com/Shopping_Cart-index.html
Or using TCI's article and forum search as most of this has been posted and you shopping list is a little BIG.
[addsig]
Most of what you asked for are definitions of legal terms. If you are looking for concise explanations, you can use a law dictionary. Black's in hard copy is the most popular, or google "online law dictionary" and a few come up. This will work, at the least, on: easements, probate, covenants, title defects, vesting, LLCs and escrow.
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jskubick
To understand law when it comes to state and federal you must understand its priority!
Federal law also defines the priority of competing claims to property after it is determined under state law that a property right exists. Aquilino, supra.; see also U.S. v. Acri, 348 U.S. 211 (1955).
State and federal laws sometimes can conflict with one another on the surface, but a general understanding of law priority can help! When a law provides a greater protection than the other the one that provides the greatest protection will supercedes the other.
A tax lien is filed at the local county recorder so that the property owner cannot sell or even borrow against it without first paying the lien. The lien statute of limitations is 10 years. IRC 6323(f) provides rules for the place of filing for a notice of federal tax lien against real property.
One can use what is called an abatement to eliminate or get a reduction of a tax penalty. In order to apply for a penalty abatement one simply needs to write a letter to the local IRS service center with justifiable reasons why the tax burden is not correct or the reasons surrounding the need for abatement.
Errors some times can cause the lien to be set aside as some courts have held that a minor misspelling of the taxpayer's name renders the notice ineffective.
In U.S. v. Friedlander, 235 F. 2d 753 (5th Cir. 1956), the lien was upheld though the name was spelled "Freidlander" instead of "Friedlander." But liens were held invalid where filed against "Ruby Luggage" rather than "S. Ruby Luggage," U.S. v. Ruby Luggage, 142 F. Supp. 701 (S.D.N.Y. 1954), and where the taxpayer's name was spelled "Manual Castillo" instead of "Manuel Castillo," Haye v. U.S., 416 F. Supp. 1168 (C.D., Cal. 1979). Also, a notice filed against "W.B. Clark, Sr.," was defective when the taxpayer's name was "W.R. Clarke, Sr." Continental Investments v. U.S., 142 F. Supp. 542 (W.D. Tenn. 1953).
Most encumbrances on or interests in a taxpayer's property, if properly perfected prior to the date on which the federal tax lien arises, have priority over the lien. Notice of the lien must be filed before it has priority over most subsequently perfected interests in the taxpayer's property. But once the notice is filed, the federal tax lien takes priority over all but a few subsequently arising interests in the taxpayer's property. Remember that the lien itself does not transfer or convey the taxpayer's property to the IRS. Such transfer of ownership is accomplished either through a judicial foreclosure of the lien, or through an administrative action such as a levy.
See the following links on TCI for more information on this subject:
http://www.thecreativeinvestor.com/ViewTopic37287-18.html
See the following link on IRS rules:
http://www.irs.gov/irm/part34/ch06s05.html
http://www.irs.gov/irm/part34/ch11s05.html
You will find that in most cases that the federal lien will survive a foreclosure proceeding and the IRS lien has a 120 period of redemption and during that time frame. In most cases that I have dealt with if there is no equity they will not bother with it. Now understand they have the right to take the property and this is just based upon my experience with them.
When buying foreclosed property you are normally making the purchase subject to the senior liens. This is why it is vary important to do a title search on the property.
[addsig]
So, to be sure, the lesson for purchases of TLCs for properties where the owner has a Federal Tax Lien against them would be to be aware of the risk (albeit small) that the IRS take the property in their 120-day redemption period?
Do the IRS' 120 days start ticketing at the TLC auction or the foreclosure after the owner's redemption period?
Thanks~
Kimberly
If proper notification to the Internal Revenue Service (IRS) regarding Federal Tax Liens against foreclosed properties has been made than in those cases the IRS has up to 120 days after the auction to purchase the property from the successful auction purchaser for the amount purchased, commission and any closing fees.
As you noticed, I stated "Proper Notification."
Since these purchases are "as is" with no warranties given and no title insurance provided you need to do a complete title search to examine the state of title and to determine what position you are bidding on at the auction.
Review: http://www.irs.gov/irm/part34/ch06s05.html
This is the end of my lesson; you should seek out some teaching on this subject.
[addsig]