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Chapter 6

Encumbrances and Liens

QuestionAnswer
What is an ENCUMBRANCE? non-possessory interests limiting the legal owner's rights
What is an EASEMENT APPURTENANT? dominant tenement's right to use or restrict adjacent servient tenement; attaches to the real estate
What is a DOMINANT TENEMENT or DOMINANT ESTATE? the property enjoying the usage right
What is a SERVIENT TENEMENT? property containing the physical easement itself
What is an EASEMENT BY NECESSITY? granted by necessity, e.g. to landlocked owners
What is an EASEMENT IN GROSS a right to use property that does not attach to the real estate
What is an EASEMENT BY PRESCRIPTION? if someone uses another's property as an easement without permission for a statutory period of time and under certain conditions, a court order may give the user the easement right by prescription, regardless of the owner's desires
What is EMINENT DOMAIN? government entities can create easements through the exercise of eminent domain, wherein they condemn a portion of a property and cause it to be sold "for the greater good"
What is an ENCHROACHMENT? intrusions of real estate into adjoining property; can become easements
What is a LICENSE? personal rights to use a property; do not attach; non-transferrable; revocable
What is a DEED RESTRICTION? conditions and covenants imposed on a property by deed or subdivision plat
What is a CONDITION? can only be created within a transfer of ownership
What is a COVENANT? can be created by mutual agreement
What is a LIEN? claims attaching to real and personal property as security for debt
What is a LIENOR? creditor who places a lien on a property
What is a LIENEE the debtor who owns the property
What is LIEN PRIORITY? rank ordering of claims established by lien classification and date of recording; determines who gets paid first if lienee defaults
What is SUBORDINATION? lower the lien's position in the hierarchy
What is FORECLOSURE? enforcement of liens through liquidation or transfer of encumbered property
What is ACCELERATION? declare that the loan balance and all other sums due on the loan are payable immediately
What is LIS PENDENS? gives public notice that the mortgaged property may soon have a judgment issued against it
What is REDEMPTION? right to reclaim a property that has been foreclosed by paying off amounts owed to creditors, including interest and costs
How are easements created? by voluntary grant, court decree by necessity or prescription, eminent domain or by prescription: obtainable through continuous, open, adverse use over a period
How are easements terminated? by release; merger; abandonment; condemnation; change of purpose; destruction; non-use
What are the types of liens? voluntary and involuntary; general and specific; superior and junior
How are superior liens ranked? rank over junior liens; not ranked by recording date; real estate tax and assessment liens and inheritance taxes
How are junior liens ranked? rank over junior liens; not ranked by recording date; real estate tax and assessment liens and inheritance taxes
What is a mortgage lien forclosure? liquidation or transfer of collateral property by judicial, non-judicial, or strict foreclosure
What is judicial foreclosure? lawsuit and court-ordered public sale; deficiency judgments, redemption rights
What is non-judicial foreclosure? "power of sale" granted to lender; no suit; no deficiency judgment; no redemption period after sale
What is strict foreclosure? court orders legal transfer of title directly to lender without public sale
What is deed in lieu of foreclosure? defaulted borrower deeds property to lender to avoid foreclosure
What is a personal easement in gross? not revocable or transferrable; ends upon death of easement holder
What is a commercial easement in gross? granted to businesses; transferrable
What is the benefited party? the receiver of the easement right is the benefited party
What is the burdened party? the giver of the easement right
Created by: alli-bohanon
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