Encumbrance and Effects on Property Ownership Flashcards
Define Encumbrance
an imperfection or cloud on title that is a charge, claim, or liability attached to real property.
Define Lien
is a claim or interest in a property to secure payment of a debt.
Define General Lien
A general lien affects ALL (literally all) of a debtor’s property both personal and real property.
What are examples of General Liens?
- Judgement lien
- Inheritance or estate tax lien
- IRS lien
Define Specific Lien
a specific lien attaches to a particular property or type of property, making the owner of the real estate responsible for payment.
What are examples of Specific Liens?
- Mechanics’ liens
- Mortgage liens
- Real estate tax liens and special assessment liens
- Condominium/townhome association liens
The creation of a lien may be…
Voluntary, created by action of the property owner, such as a mortgage lien.
statutory (involuntary), created without the express permission of the property owner, such as property tax liens and mechanics liens.
Define Easements
is the right to use another owner’s land for a particular purpose. They can apply to any part or portion of real property, including a right of way across or even the airspace above.
Define appurtenant easement
always involves two separate properties, it allows the owner of one parcel of land to use a neighbor’s land for a specific purpose.
a Servient tenement….
serves the interests of the neighboring parcel
a Dominant tenement…
dominates the interests of the servient parcel, it benefits from the easement
Define Encroachment
Unauthorized use of another owner’s land like trespassing.
What is a Lis Pendens
a recorded document that gives constructive notice of a pending lawsuit regarding title to a property
