Types of Encumbrances Flashcards
Any claim or lien on the held by another person or entity that limits the owner’s use or decreases the value of the property
Encumberances
lien due to a court decree resulting from a lawsuit
Judgement lien
Legal notice that a lawsuit is pending that impacts the title of a property and serves as a warning to prospective buyers
Lis pendens
IRS will file a general lien against all property belonging to that person for various taxes owed and unpaid
Income tax liens
Created by property owner or with the property owner’s consent
Voluntary Lien
Property owner dosen’t pay for work that was performed by the worker - the worker can file this type of lien to collect money
Mechanics Lien
Created without property owner’s consent
Involuntary Lien
Claims against a specific property - identifiable property - most common is a mortgage
Specific / special
Lien
Claim against a person and all of that person’s property and occurs as a judgement
General lien
Created on the property used as collateral
Mortgage Lien
When owner does not pay property taxes and a lien is levied against the property
Property tax lien
Mortgages
A type of voluntary lien
Property tax, mechanic’s line and judgements are
Involuntary types of liens
Can effect the usage of a property and are frequenly permanent
Easements
Permanent right to use another’s land for the benefit of a neighbor
Easement oppurtenant
Right to use the land and does not necessarily involve adjoining - usually involves utilities
Easement in gross
Involves access to a road - owner landlocked without it
Easement by necessity
Acquired through years of use - one person acquires perm right to use another’s property by doing so for a period of time
Easement by prescription
Easement by prescriptions involves
hostile, open, exclusive and notorious
Easement by prescriptions involves
hostile, open, exclusive and notorious
Rights to occupy a property
Possessory rights
Easements fall into this category
Non-possessory rights
Boundary lie separating two properties
Party wall
To terminate an easement an owner may
Release it if it is no longer needed
To release an easement a dominant parcel can be merged with a
Servient parcel
This could terminate an easement if the owner does this
Abandons the easement
An easements deadline can
expire
Necessity of an easement by necessity can be
Terminated
Permission to do something on another’s land without actually possessing any interest or ownership in the land
License
Licenses can be renewed or revoked
Any time
Licenses can be revoked at any time unless this is specified
Termination Date
A license is not assignable or interitable and it is this type of privilege
Temporary
Legal notice that a lawsuit is pending that affects the title of a property
Lis Pendens
A lien due to a court decree resulting from a lawsuit
Judgement Lien
Property encumbered by an easement in gross with entity
Utility company that needs access to powerline that crosses Elizabeth’s land
Lien against a specific piece of property
Special Lien
Permanent right that runs with the land
appurtenant
