Unit 4 - part 3 Flashcards
What is encumbrance?
A type of interest in RE that does not rise to the level of ownership or possession, yet still gives an individual, business, or other entity some degree of use or control of the property.
What encumbrance includes?
- easements, which permit a limited use of property.
- private restrictions found in property deeds
- liens, which give notice of a claim against the property
- encroachments, which can result if a neighboring improvement extends over a property boundary.
What is a lien?
A lien is a charge against property that provides security for a debt or an obligation of the property owner.
What are private restrictions on the use of RE?
The private restrictions that affect the use of RE and can be found in the deed that convey title to the property. They are placed in the deed by a previous owner, limiting the use of the property by the current owner, as well as future owners.
What are Covenants, Conditions, an Restrictions (CC&Rs)?
They are used by a subdivision developer to maintain specific standards in a subdivision. Restrictions can be enforced by the developer as long as developer maintain an interest in any part of development.
What are easements?
An easement is the right to use the land of another for a particular purpose. It may exist in any portion of the RE, including the airspace or a right-of-way across the land.
What kind of easements exist?
- easement appurtenant
- easement in gross
- easement by necessity
- easement by prescription
What is easement appurtenant?
An easement appurtenant is attached to the ownership of RE and allows the owner of that property the use of neighbor’s land. The easement is part of the land and is not owned by any individual. Generally, it is a type of easement that is linked to a specific piece of property. The easement transfers with the title.
This type of easement exists between two parties known as the servient tenement and the dominant tenement.
An example of easement appurtenant is the private and public access to the street for a landlocked property.
What are dominant and servient tenements?
The parcel that benefits from the easement is known as the dominant tenement.
The parcel over which the easement runs is known as the servient tenement.
The servient tenement is the parcel of land that provides the easement.
What is an easement in gross?
An easement in gross is an easement that benefits an individual and is not tied to the land. An easement in gross does not transfer with the property when it is sold. Further the individual that benefits from the easement cannot transfer the easement.
Utility companies often own easements in gross.
An easement in gross is a type of easement where the right over property is attached to an individual rather than to the property.
