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27 Cards in this Set
- Front
- Back
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ENCUMBRANCE |
A claim, charge or liability that attaches to and is binding on real estate May affect the Value / abstract use of property but does not prevent a transfer of title |
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LEIN |
A nonpossessory charge against property that provides security for a debt or an obligation of the property owner (type of encumbrance) Voluntary Lein - Mortgage Involuntary Lein - tax lein |
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SPECIFIC LEIN |
Secured by a specific parcel of property and affects only that particular property |
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SPECIFIC LEIN - Mortgage and Deed of Trust |
Voluntary spec lein given to a lender by a borrower as security for a real estate loan - becomes a lien when lender records the mortgage or deed of trust in the office of register of deeds. |
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SPECIFIC LEIN - Real Property Tax and Special Assessments |
Unpaid taxes - attached to property as a Superior Lein Special Assessments - If a new sewer was put in, improvement taxes are levied |
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MECHANIC'S LEIN |
Specified involuntary lein avail to contractors, subcontractors, architects, equipment lessors, etc. -Must be filed w/in 120 days after last furnishing -action to enforce a properly filed lien must be brought w/in 180 days after a worker last furnished labor or materials -a LEIN AGENT is req for work over 30K in N.C.
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GENERAL LIEN |
Affect all property of a debtor, both real and personal rather than a specific parcel of real property |
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JUDGEMENT |
A Decree issued by a Court Money Judgment - awarding of money -When a Judgment is property docketed in a county, judgment becomes involuntary general lien on all of current and future real estate -Does not affect real estate in any counties where judgment not docketed. |
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PERSONAL PROPERTY TAX LIEN |
Assessed on certain types of personal property If unpaid tax becomes a general involuntary lien against all property and have priority over other types of liens. |
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STATE TAX LIEN |
-last 10 yrs -Both unpaid state inheritance tax and unpaid state income taxes give rise to involuntary liens |
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FEDERAL TAX LEINS |
A person's failure to pay any portion of fed IRS taxes such as income and withholding |
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DEED RESTRICTIONS |
-Encumbrance on Real Property -Covenants, Conditions -Private Agreements placed in public record that affect use of Land -Usually imposed by developer to maintain spec standards in a subdivision |
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LIS PENDENS |
A judgment or Decree affecting real estate rendered at conclusion of lawsuit -When any suit affects title, person bringing lawsuit may file a LIS PENDENS - not a lien but a notice that action is pending from a suit and may affect Title. |
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WRIT OF ATTACHMENT |
-Another encumbrance -A creditor can request the court to issue a writ against the debtor's unsecured property -Unsecured real estate remains available to satisfy judgment... |
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EASEMENT |
A non-possessory right to use Land of another for a particular purpose |
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EASEMENT APURTENANT |
An easement annexed to ownership of one parcel of Land and used for benefit of another (a road) -For one to exist, 2 adj tracts must be owned by diff parties Runs with the land - passes w/ Title |
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EASEMENTS IN GROSS |
Benefits a person or entity, not a parcel of property so there is no Dominant or Servient Tenement.... |
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EASEMENT BY NECESSITY |
By implication of Law -arises bc all owners need rights of ingress / egress from their land -cannot be landlocked
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EASEMENT BY PRESCRIPTION |
When claimant has made use of another's land for a certain period of time - 20 yrs in N.C |
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LICENSE |
A personal non-transferable privilege to enter Land of another for a specific purpose ex. A license to Hunt Differs from Easement bc it can be terminated or revoked -An oral agreement can be considered this -Ends with Death of Party or Sale of Land |
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ENCROACHMENT |
Arises when an improvement or any portion of an improvement illegally extends beyond the Land of the owner -Disclosed by either a physical inspection or a location survey -Legal Effect is to potentially make both Titles unmarketable |
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AD VALOREM ( GENERAL TAX) |
Property taxes -dependent on Value of Property
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MACHINERY ACT |
Regulates standards for Real Property Taxation, standards for property tax assessments,standards for property tax appraisal and req. for tax exempt states |
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ASSESSMENTS |
Assessed Value -Value that is based on the Sales Price of comparable properties -N.C. Machinery Act mandates Assessed Value is 100% of Market Value. |
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MILL |
Property Tax Rate expressed as this -1/1000th of a Dollar $.0001 A mill-per-dollar ratio |
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TAXATION TIMETABLE |
N.C., in Jan of ea Tax yr, all real property is listed -Re-appraised every 8 yrs (Octennial Reappraisal) -County or City can make horizontal adj in 4th yr after reappraisal.. July 1 - New Tax Rate Sept 1 - Taxes Due and Payable Jan 1 - Taxes lien attached Jan 5 - Taxes can be paid with out penalty
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SPECIAL ASSESSMENTS |
Second Category of Real Estate - public improvements -take priority over other types of liens except ad valorem |
