Encumbrances Flashcards
Money encumbrance liens
A hold or claim which one person has on the property of another to secure payment of a debt or other obligation
Specific liens
Burdens on a particular parcel trust deed mortgage mechanic liens property tax assessment attachment
General liens
Burdens on any and all property of the owner judgment corporation franchise tax decadents debt income tax
Voluntary liens
A lien such as a trust deed or mortgage which is placed on the property by the voluntary act of the owner ex. Like title 1 loan
Involuntary liens
A lien imposed without the consent of the owner
Lis pendens
Notice of pending litigation must be record and is effective until a judgment is rendered or until the action is dismissed
Attachment lien
Is a seizure of property by the court order to hold the property as security for a possible judgement in a law suit an attachment is valid for 3 years
Judgment liens
Are a result of the final determination of the rights of the parties is a lawsuit when the abstract of judgment is recorded it creates a general involuntary lien upon the debtor personal and real property in that county it may be recorded in more than one county and is valid for 10 years
Writ of execution
A way of enforcing a judgment it is a court order instructing an official to sell property to satisfy a judgment
Homestead exemption
Only one property of the owner can be homestead at a time married or head of household 75000
Any person over 65 100,000
Single 5000
Priorty payments if creditor forces sale
Tax and assessments Trust deeds mortgages mechanic liens The owner/debtor Costs fees and expanses of sale Judgment creditor Balance if any to owner/debtor
Easement
Nonmoney encumbrances affect the physical condition are the use of property the right to enter any use another persons that without limits a nonexclusive non-position any interest in a servient and dominant tenancy
A license
Is the right order in and stay in line it is a personal privilege given to someone to use the land it is nonassignable can we cancel for the first Emily uses it as it is personal license is not an encumbrance on the land
Dominate tenant
The land that has benefited by the easement
Servient tenement
The land that the land that is Burden encumbered by the easement
Deed
Conveyed or reserved by the grantor the easement may be created for any defined period of time or in perpetuity an easement may be granted by a lease he won’t only for the term of the lease
Necessity or implication of law
The owner of the land locked parcel has the right to ingress and egress of the property
Implied grants
Is mineral oil or gas right I told the buyer has the right to enter the land and extract them
Prescription
In acquired right to use another and then the requirements are open. You continue with an interrupted you for five years hostile to the true woman with the permission but not in confrontation under the claim of right or color of title
Easement in gross
Belongs to a person natural or Leo therefore it must be conveyed in writing the most common example is the right of utility company to a wreck walls and string wires over the land this is the most common easement on residential property
Dedication
A developer made dedicate length of the blood like to be used for street works etc.
Adverse possession
Similar to an easement by prescription except that through this prolonged a person may obtain title
Restrictions
These are encumbrances which limit the use of the property by and only restrictions can be beneficial to the owner before building improvements both private and public restrictions should be checked
Private restrictions
Created by the grantor in the deed or buy a written agreement
Covenant
And promised to do or not to do something is violated in induction can compare compliance which may result in dollar damages
Conditions
A condition to continue ownership a condition can be created only by a grant of an estate if violated tittle can revert to the original grantor where his heirs
a restriction prohibiting
A for sale sign is not valid as it infringes on the owners power of alienation limits as to the same size and design may be set by the city or county
Eminent domain
The right of the government to take privately out then for public use provided just compensation is paid
Public restrictions
Primarily zoning regulations the power of the government to enact laws regulations which limit the use of property to promote the health safety moral and general welfare of the public
Down zoning
Changing the zoning from commercial to residential
Who can do end ant domain
Federal government city state hospital with universities railroads
Encumbrance
Anything which limits affects or burdens the tittle to the property there are two types of encumbrances money encumbrance or non money