Vendee's Lien Law and Legal Definition
Vendee's lien is a buyer's lien on the purchased land as security for repayment of purchase money paid in, enforceable if the seller cannot or does not convey good title. It is an equitable lien which arises and attaches to specific real property when a contract for sale of said property is executed, and the purchaser makes partial payment of the purchase price.
The vendee's lien is an invention of equity created by courts for the purpose of doing justice. The existence of a vendee's lien is grounded in the well established principle of real property law that upon the execution of a valid contract for the sale of real property, the purchaser becomes equitable owner of, and obtains equitable title to the subject property. [85-2 Queens Blvd. Assocs. v. Kong (In re 85-02 Queens Blvd. Assocs.), 212 B.R. 451 (Bankr. E.D.N.Y. 1997)].
