vendor's lien

Definition of "vendor's lien"
  1. A claim on a property, typically real estate, that ensures the buyer will pay the full purchase amount
How to use "vendor's lien" in a sentence
  1. The vendor's lien was placed on the property to assure the full payment of the purchase money.
  2. Failure to pay the agreed amount in full may result in the enforcement of a vendor's lien against the property.
  3. Until complete payment of the purchase price, vendor's lien may remain in effect on the property.

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