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32 Cards in this Set
- Front
- Back
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encumbrance |
any interest or right to land held by third persons which affects the title and possibly value of the property |
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types of encumbrance |
1) nonmonetary: affecting physical condition or use of property |
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encumbrance - nonmonetary |
1) restrictions |
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Deed Restrictions |
1) Condition - provides for ownership of prperty to revert of former owner if condition is violated 2) Covenant - promise to do something or not do something. Violation of covenant can sue or force correction of violation. |
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Easement |
Someone other than landowner holds rights to use the land. An irrevocable right to use the land for a specific purpose. Non possessory right |
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Servient Tenement |
Land that is subject to (encumbred) by an easement. |
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Easement in Gross |
Easement that is the right of an individual or company, held for the benefit of that person or company. Attached to him personally - not to the land. Only one parcel of real estate - the servient estate |
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Easement Appurtenant |
This includes 2 parcels of land under separate ownership - Dominant Estate and Servient Estate. This easement is a burden to one and a benefit (appurtenance) to the other. A property right (not personal)a |
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Affirmative Easement |
right to physically use the servient tenement (eg: allow or road or sewer line to pass through the servient estate) |
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Negative Easement |
right which restricts the use of the servient estate (eg: restricting the servient tenement from blocking a view) |
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Creating an easement |
1) Express grant - in writing 2) Express reservation - reserves when property is conveyed 3) Eminent domain (condemnation) - gov. or utility taking easement 4) Dedication - subdivider dedicates areas to receive subdivision approval 5) Implication - easement is not specified, but obviously required (ie: to access mineral rights) 6) Necessity - Implied easement out of necessity to access property 7) Prescription - unauthorized use for period of time set by state |
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Terminating an easement |
1) Written release 2) Clear & Intentional Abandonment 3) Merger 4) Expiration 5) Purpose for Easement ceases to exist 6) Prescription - adverse use by Servient estate 7) Eminent Domain - gov taking away right 8) Destruction of servient tenement 9) Non-use of prescriptive easement for set yrs. |
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License |
A personal, revocable, non-assignable right to use property. (ie: oral permission to walk across property to a park) |
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Encroachment |
Unauthorized intrusion of a building or other improvement onto one's land. (ie: building a fence on someone elses property) |
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Encumbrance - Monetary |
Lien - a security interest of creditor 1) General lien 2) Specific lien |
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General Lien |
Involuntary lien applied against a person and all property of that person. examples: 1) Judgement liens 2) debts of decedents 3) income tax lien 4) estate tax lien |
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Specific (or Special) Lien |
an encumbrance against one or more specific parcels of real estate examples: 1) mechanic's lien 2) property tax lien 3) special assessment 4) mortgage |
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Voluntary Lien |
created by a voluntary contract |
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Involuntary Lien |
imposed by an operation of law, without the owner's consent |
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Statutory Lien
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an involuntary lien authorize by state statute
for example - a property tax lien or mechanics lien |
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Equitable Lien |
an involutnary lien imposed by courts of equity, often as a result of breach of contract |
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Income Tax Lien |
general lien when government files a tax warrant in the county of a delinquent income taxpayer - applies to all property in the county of the taxpayer |
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Judgement Lien |
a general lien as a result of a judgement against a person This is as a result of a lawsuit to receive payment of money due |
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Writ of Execution |
creditor requests court for 'writ of execution' to order the sheriff to sell debtors property |
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Homestead Exemption |
protection from foreclosure due to unsecured liens (property was NOT offered as security for the debt) |
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Specific Lien |
lien affecting specified properties These include: Attachment Lis Pendens Mechanic's Lien Special Assessments Property Taxes |
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Attachment |
specific lien against property of defendent in a lawsuit for money damages - to protect a creditor from removal of property before a judgement is reached. |
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Lis Pendens |
notice of a pending suit giving constructive notice to any future purchaser that they will be bound to all judgments as a result of the lawsuit |
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Mechanic's Lien (Construction Lien) |
a specific, statutory lien that gives those who have finished work the right to place a lien on that property for which they have not been paid |
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Special Assessment |
a specific lien - a governmental lien to pay all or part of the cost of local improvement that will benefit the property |
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Property Taxes |
involuntary lien with priority over all other liens |
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ad valorem |
according to the value |
