common law lien

[turner774]

Hi, I live in Texas (fort bend county) and I wrote to you asking info on common law liens. However, I did not provide you with enough information. As stated, I live in Texas. I have 15 acres of land I am purchasing. The deed is in my name. I bought the land as owner financed. The person I am buying from has a lien on the property until it is paid in full. I have made huge improvments on the property. (barn, water well, irrigation, etc..) My question then is can I put a common law lien myself on the property for a dollar amount I have put into the land as improvments to protect my interest in case of for, whatever reason, I might not be able to maintain payments, i.e, if I become disabled. If I can put a common law lien on the land, will it at least insure me that if the first lienholder calls the note and resells the property, can I recoup my improvments? How do I go about finding the forms for a common law lien. Every lawyer I have talked with have never heard of a common law lien. Thank you so much for your help. I hope this is enough information for you. Reply to: turner@ev1.net

 

[jon_]

I'm not sure I understand -- are you buying the land or you bought it? It seems like you bought it and that the seller has a lien on the land until you pay it off. Makes sense. You want to put a "lien" on the property for your improvements in case you default? What would happen would depend upon what it says in your mortgage. What typically happens is that your land is then sold to pay for the unpaid balance of your loan. The improvements you made in the land would be included in the purchase price of whomever buys the land. I wouldn't be surprised if it were less than what you wanted or expected. If there is a surpluson the sale, the land sells for more than you owe, you'll receive the difference. Typically, the cost for the foreclosure is deducted from the proceeds of the sale as well.