Can't seem to find a better forum, so I'll ask here. Doing my DD on a 2nd lien in TX and the first has a Special Warranty Deed With Vendors Lien. I have not seen this in my 5 years of note investing, and it says:
---The first lien note is secured by the first and superior vendor's lien and superior title retained in this deed...---
Trying to figure out the inclusion of the words "superior." I know a 1st lien is superior to the junior, so why is it brought up, and why the vendors lien. But superior title?
My questions if anyone can be so kind to help is;
- What does making the first lien a vendors lien at the same time achieve?
- Is the Superior wording superfluous?
- What is superior title, and can it effect my filing of foreclosure?
Thanks to all who can help...