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