Vermont Statutes Title 27 Sec. 4-111
Terms Used In Vermont Statutes Title 27 Sec. 4-111
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- real estate: shall include lands, tenements, and hereditaments and all rights thereto and interests therein, and pews or slips in places of public worship shall be treated as real estate. See
§ 4-111. Release of liens
(a) In the case of a sale of a unit where delivery of a public offering statement is required pursuant to subsection 4-102(c) of this title, before conveying a unit, a seller shall:
(1) record or furnish to the purchaser releases of all liens, except liens on real estate that a declarant has the right to withdraw from the common interest community, which the purchaser does not expressly agree to take subject to or assume and which encumber:
(A) in a condominium, that unit and its common element interest; and
(B) in a planned community, that unit and any limited common elements assigned to it; or
(2) provide a surety bond or substitute collateral for or insurance against the lien.
(b) Before conveying real estate to the association, the declarant shall have that real estate released from:
(1) all liens the foreclosure of which would deprive unit owners of any right of access to or easement of support of their units; and
(2) all other liens on that real estate unless the public offering statement describes certain real estate which may be conveyed subject to liens in specified amounts. (Added 1997, No. 104 (Adj. Sess.), § 3, eff. Jan. 1, 1999.)