Rhode Island General Laws 34-36-18. Release of initial liens
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At the time of the first conveyance of each unit, every mortgage and other lien affecting the unit, including the percentage of undivided interest of the unit in the common areas and facilities, shall have been paid and satisfied of record, or the unit being conveyed and its percentage of undivided interest in the common areas and facilities shall have been released therefrom by partial release recorded.
History of Section.
P.L. 1963, ch. 181, § 1.
Terms Used In Rhode Island General Laws 34-36-18
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Unit: means a part of the property intended for any type of independent use, including one or more rooms or spaces located in one or more floors (or part or parts of floors) in a building. See Rhode Island General Laws 34-36-3