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12 Cards in this Set
- Front
- Back
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Encumbrances |
a claim against an asset by an entity that is not the owner |
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Type of encumbrances |
- easement - liens -encroachments - restrictions |
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Easement |
the right to enter or use another’s land as an encumbrance on their title |
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Dominant tenement |
benefits from the easement |
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Servient tenement |
burdened by the easement |
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Easements are classified as: |
- prescriptive: a right of access gained through use - appurtenant: the right to cross or use a property which runs with the property as an interest held in the burdened real estate - in gross: which belongs to an individual, not land, as their personal right in the burdened real estate, generally applied to a utility company |
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Liens are: |
interests in real estate which secure payment or performance of a debt or other monetary obligations |
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Examples of liens: |
- trust deed loan - local property taxes |
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What can occur on a non-payment of a lien amount? |
- the lien holder can force the sale of real estate to pay off and satisfy the lien |
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A lien always has a dollar value. A lien can be: |
- voluntary (debt) - involuntary ~ placed against a specific property (property tax, mechanic’s lien) - general ~ filed against the individual and applied to all real estate owned by them in the county where the lien is recorded ( judgment, income tax ) |
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Encroachments |
which are a trespass upon a neighbor’s property |
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Restrictions |
which are created by deed or by written agreement, such as conditions, covenants and restrictions (CC&R’s) in a community governed by homeowners association (HOA) |
