Tulsa Real Estate Agents | Common Homes

Hey tulsa real estate agents. Today we are going to be talking about the age of red, real estate, taxes and liens. All the no one ever wants to deal with any type of liens or any lean, and it’s something that happens to people daily and it can affect the cell of somebody’s property. So we need to be really educated as tulsa real estate agents to make sure that we know what we’re getting ourselves into and said that we can properly educate our clients. So, first of all, what is a lien? It’s an encumbrance and we talked about encumbrances in other podcast and it just it hinders. It hinders the ability to sell of his property and i, always think of money, lean money, lean money and it’s a charge. It’s a claim against the property and it forces the seller to pay a lien before they can pay or before they can sell their propertyso they’re different types of liens, and there are again another akron mi. Are you this vice v? I s e to remember these types of liens, involuntary and voluntary statutory inequitable. Obviously, a voluntary lien is what it is. It’s voluntary will ever want to have a voluntary lien when you take out a mortgage or a loan to buy real estate. You are creating a voluntary lien. The mortgage company creates that lean. You don’t technically own that house out right until you paid off your loan, your mortgage, so that would be a voluntary lien involuntary it’s just not a choice. It’s something that you’re not choosing whether you had some financial issues and you can’t pay some bills. You didn’t choose it, but it’s something that’s created by our law and it happens. Statutory lien, pretty much is created by our laws or real estate real estate taxes. That would be a statutory lien and if you don’t pay your real estate taxes, you voluntarily created a statutory lien, and that will happen without the property owner taking any kind of action whatsoever. There’s also the equitable lien, and that comes from common law, and you can consider common law like a court order. So if you don’t pay a debt, then the courts or a judge can require you to pay your balance and chart and put an equitable lien on you and their specific liens, and there are generally means-and this is just the classification-so you’re generally means are involuntary and they deal with equitable and stash tory lanez. So dealing with the courts and voluntary general in you got very specific lanes in you got your mortgage lane, which we already talked about. That was voluntary. You have your tax liens. If you don’t pay your real estate taxes, that’s going to be involuntary and then another type of line would be your mechanic’s lien and those are obviously it’s a vendor, liens or mechanics. Lien is pretty much like if. You hired somebody to do construction on your home. What’s a somebody put a new roof on your house and you didn’t pay them that vendor could go place and record a mechanic’s lien at the courthouse and put a lien on your property there, for you can’t sell your property until you pay for your roof general in full effect, all of your property and not just your personal or not just your real estate, but it also include your personal property as well, so that would be caused from a judgement and then obviously we just talked about your specific liens which deal with involuntary taxes, voluntary mortgage and mechanic’s liens. It doesn’t mean that you can’t transfer title though. That’s, something that pops real estate agents need to know. You can transfer your title into somebody else’s name but you’re, causing a cloud on the title and you’re causing it to still be difficult to sell the property still can’t sell the property, because the lean attaches to the property, not necessarily to the person. So regardless. If you think that you can just transfer the title to somebody else’s name, it doesn’t matter. The lien is on the property, not on the person. So you still will never be able to sell that property, regardless until the lien has been taken care of so tell the real estate agents. Do you need to make your buyers aware of that and sellers aware of that? If a seller has a lien on the property, there’s no point of even putting the property on the market until this seller is going to deal with it. Wings also have priorities:there’s a priority of lee and switches that just us early means that there’s an order into which the liens can be paid and what it boils down to is whoever record saline first has first priority over getting paid. So if you have a roofer has put a mechanic’s lien on the property, and then you have somebody who was putting new siding on your house and you didn’t pay them both. So whoever gets paid first is whoever’s going to record the lien first. Let’s say the roofer went down on sunday report or monday and recorded a lien, and then the siding for went down on wednesday. Will the roofer recorded the lean first they get paid first and in the story. Real estate tax liens, there are really two types of real estate taxes, there’s going to be your general taxes and then there’s special assessments and special assessments just deals with any type of improvements that are being done by the state and they will. They will raise taxes in order to pay for special improvement. So that’s why it’s called special assessment and both of them and can be levied against the property, and it’s in both of those lanes wall become liens on the property automatically. When that happens, and that’s more of a government power thing, the government controls that they control their real estate taxes and they control specialist assessment.┬áTulsa Real Estate Agents

Tulsa Real Estate Agents So the ad valorem tax, that is, your property tax, it’s a general real estate tax, so just think ad valorem, general real estate in everybody has to pay real estate taxes. This is calculated into your monthly mortgage payment and the way they determine ad valorem taxes is dave base it off the value of your property. Usually, everybody will get if your homeowner, they will get em an assessment letter at the beginning of the year and tulsa real estate agents need to let their clients know that they based that off the value of the property last year. So that’s why your taxes can increase or they can decrease and they give you a break down. If your property taxes are $1,500 a year, it breaks it down and it tells you exactly what you’re paying for a lot of the taxes are coming from. Your school’s people will vote on school bonds and I know I received my property taxes and I am at a $1,500 last year. It’s 35 of that went to schools, and then you also have hospitals, libraries, it’s pretty much special government type situations that you’re paying form in order for schools to function. They have to get money somehow, and that comes a lot from our property taxes so and it’s the county assessor that assesses this every single year, so tulsa real estate agents just need to know that real estate is valued for tax purposes by your county and that you live in and it’s called and assessment and they reevaluate the assessment every year to see. Tulsa Real Estate Agents If we need to lower it or increase it, we could talk about tax rates to service agents, don’t really care about tax rates and it’s a little confusing. That’s when you’re getting into homestead in the meals and tax bills, and we could talk about enforcement attacks, the statutory right of redemption. This is just when the property is not redeemed within a statutory.. Whoever holds the certificate of the day, have the right to convey it. Special assessment, like i, said at the taxes charged to fund public improvement, so hospital schools, libraries stuff like that, then you have mortgage liens at tulsa. Real estate agent needs to know that a mortgage lien is always voluntary. We did discuss that. You are voluntarily taking out a loan on the on. So you can buy a piece of property and mechanic’s liens can only be filed against real property. Only yes, it can only be filed against your real property, not your personal. So if you didn’t pay for that roof, your car is okay, but your house is not a court. Judgement is just a court order, so tulsa real estate agents-don’t forget, judgment means court order and that is the general involuntary equitable lien left and ends. That means that you were filing a notification and with a courthouse and you’re just saying that there could be a problem with this property and you might want to be where and not purchase it┬áTulsa Real Estate Agents