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Unit 3 Notes

QuestionAnswer
In order for educated, prudent buyers to accept and purchase, title should be ? Marketable and insurable
What is an encubrance? Anything that affects title to real estate, that is a right or interest held by entity other than the fee owner of the property. Can affect value or obstruct use. Does not necessarily previent transfer of title.
What a some common encumbrances that do not prevent transfer of title? Tax liens and deed restriction
What are liens? Security for property owner's debt or obligation charged against the property. RE taxes, mortgages, trust deeds, judgements, and mechanic's liens are examples.
What are 2 main categories of liens? General and Specific
What are examples of specific, involuntary liens? Real Property taxes, mechanic's lien, tax assessments.
What is a specific lien? Mortgage, deep of trust lien, real property taxes, special assessment liens, mechanic's liens that are secured by a specific parces and affect only that particular property.
What category of lien do mortgages and deed of trust fit into and when does it begin to affect? Voluntary specific liens become liens on real property when the insturment in recored with the county register of deeds by the lender.
What type of lien attaches to the property when a property owner fails to pay city or county taxes and when does the lien attach? These superior liens are specific, involuntary liens that attach on the date the property is listed on Jan 1 of the year following the failure to pay their ad valorem (property value) or special assessment (improvement) taxes.
What is the purpose of the mechanic's lien? Gives security to contractors, subcontractors, architects, equipment lessors, surveyors, laboreres, etc. who are hired by the property owner for improvements or repaires to insure they get paid in the event of failure to pay.
When must mechanic's lien claim be filed? Filed within 120 days after last furnishing the labor or materials, takes effect from the date the contracted person first furnishe the labor or materials. Action to enforce must be brought within 180 days of completion of work.
How do general liens differ from specific liens? They affect all, both real and personal property of the debtor rather than specific parcels. Ex. judgement, personal property tax liens, state and federal tax liens.
What is a judgement and what kind of lien does it become? A decree issued by a court often awarding money from a debtor to a creditor. Once entered and indexed in a judgement book becomes a involuntary, general lien and can affect real and perosonal property owned by the debtor. Good for 10 years in NC.
How are State and Federal tax liens categorized? Unpaid state inheritance and income taxes, federal income and withholding taxes can become general, involuntary liens against all property owned by the individual taxpayer. In NC last 10 years.
To what is the "pure race system" apply? The order in which liens after superior liens are paid which is based on the order of the date and time they were recorded.
What are deed restrictions? Private agreements, such as comenants, conditions, and restrictions, placed in the public record that affect the use of land. These are a type of encumbrance real property.
To what does CC&R's refer? Covenants, conditions and restrictions typically imposed by a developer or subdivider for the purpose of maintaining specific standards in a subdivision. These are listed in the original development plans and filed in public record.
Why would someone file a lis pendens? Because there is a lag between filing of a lawsuit and rendering of a judgement, this acts as an encubrance against the title so that anyone acquiring interest will be aware there is a pending litigation that could have a negitive impact.
Who requests a writ of attachment and for what reason? For debts other than a mortgage, a creditor can request a court to issue against the debtor's unsecured property until a judgement is rendered.
What is an example of a type of lawsuit where the party bringing the lawsuit would issue a lis pendens? Foreclosure suit
What is a writ of execution and when and why would it be issued? In a lawsuit for debtor's unsecured property, after a judgement is rendered, this is issued to direct the county sheriff to sell the property to satisfy the judgement.
Besides a shared partition wall between to connected properties, to what does party wall apply? An exterior wall of a building that straddles the boundary line between two lots. To create an easement a written party-wall agreement should be used. Expenses to maintain are usually shared.
How are easements created? By express grant (spoken or written between parties), by implication (a result of circumstances which dictate the intended need), by "operation of law" indicating a right of liability has been created for a party based on e legal principle.
by necessity or by prescription legal reasons for easement. Owner needs to ingress/egress their property or have used uniterrupted for 20 years or more without being hindered.
Termination of easement non-use, abandoned, realease by servient tenement, purpose no longer needed, or merger (one becomes owner of both properties)
How is license different than easement License is personal, nontransferable privilege to enter. It differers from easement because it can be revoked or terminated.
When can an encroachment become an easement in NC? When someone's building extends over the property line for the prescriptive period of time (20 years in NC)
What is the primary reason for a property survey? To ensure no enchroachment have occured.
What does a location survey show? The location of all emprovements on a property and determines whether any improvements extend over the property lines.
Where should an encroachment be noted and why? Disclose it in the listing agreement, because undisclosed encroachments can render a title unmarketable.
Appraisal vs assessment a process or opinion as to value of property verses an official valuation to establish assessed value for tax purposes.
Created by: REtestprep
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