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8 Cards in this Set
- Front
- Back
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ENCUMBRANCES |
Financial encumbrances- also called liens, lessen property value and affect title. Non Financial encumbrances- obstruct use or affect physical condition or property and may affect title. They include restrictions, easements, licenses and encroachments. |
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LIENS |
A lien is a right to keep possession of property belonging to another person until debt owed by that person is discharged. A lien attaches to property not the property owner. Voluntary lien- arises when the owner offers title as security. Involuntary lien- arises in law (statutory) or by court order (equitable). Specific lean- secures one or more specific properties whether real or personal. General lean- secures all property both real and personal. Real property tax lien- is the charge on specific real estate for unpaid amount owed to a local jurisdiction by the owner, it takes priority over all liens. Mortgage lien- represents a secured lenders claim against the value of property being used as collateral against remaining debt. |
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MECHANIC's LIEN |
Is placed on real estate that has been enhanced by the work and materials of parties in building and construction fields. A mechanic can be a general contractor, carpenter, electrician etc. |
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LIS PENDENS |
Is a courts special notice to the public that a creditor has a potential claim against real property and that the suit involving title to the real estate is pending. As notice of possible future lien it becomes a cloud on the title. |
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EASEMENTS |
An easement is an IRREVOCABLE right obtained by one party to use but not possess someone else's land for a specific and limited purpose. It takes 2 people to create an easement. *a license is an owners permission to use the land for a specific purpose. |
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EASEMENT IN GROSS |
Crosses land, not to benefit neighboring land, but to allow some activity by an offsite person or business such as an utility worker. |
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EASEMENT APPURTENANT |
Becomes a part of the neighboring lands ownership, it is a burden on one parcel of land for the benefit of the other parcel. The benefitted land is the dominant tenement and the burdened land is the servient tenement. |
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ENCROACHMENT |
This occurs when all or part of an improvement extends beyond its owners land or beyond the legal building lines into an adjoining property. |
