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Chapter 4

Real Estate Fundamentals - WA Rockwell Book

TermDefinition
Encumbrance Nonpossessory right or interest in real property held by someone other than the property owner
Liens A nonpossessory interest in real property, giving the lien holder the right to foreclose if the owner doesn't pay a debt owed
Foreclosure Creditor forces property to be sold so they can collect the debt out of the proceeds
Secured Creditor A creditor who has a lien against the debtor's property
Voluntary Lien A lien placed against property with the consent of the owner
Involuntary Lien (Statutory Lien) A lien that arises by operation of law
General Lien A lien against all property of the debtor
Specific Lien A lean that attaches only to a particular piece of property
Deed of Trust Includes a borrower (the trustor), the lender/creditor (beneficiary), and an independent third party (trustee)
Construction Lien (Mechanic's Lien) A lien on property in favor of someone who provided labor or materials to improve the property
Materialman's Lien A construction lien in favor of someone who supplied materials for a project
90 days How many days does the claimant have to record a claim after the claimant stopped working on or providing materials for the project?
Judgement Lien A general lien created automatically where the judgement was rendered and may be created in other countries by recording an abstract of judgement
Abstract of Judgement A document summarizing the essential provisions of a court judgement which, when recorded, creates a lien on the judgement debtor's real property
Writ of Execution A court order directing a public officer to seize and sell property to satisfy a debt
Attachment Liens A lien intended to prevent transfer of the property pending the outcome of litigation
Defendant The party being sued
Plaintiff The party who started the lawsuit
Writ of Attachment Directs the sheriff to attach enough of the defendant's property to satisfy the judgement the plaintiff is seeking
Lis Pendens When a lawsuit that may affect title to real property is pending, the plaintiff may record this document
Property Tax Liens A specific lien on property to secure payment of property taxes
Special Assessments A tax levied only against the properties that have benefited from a public improvement, to cover the cost of the improvement
Priority When there are multiple liens on a property, the sale proceeds are allocated based on the order for which the liens were recorded
Property Tax Liens and Special Assessment Liens In Washington, special priority is given to these two liens over liens with recorded priority
Homestead Laws State laws that give homeowners limited protection against lien foreclosure. In WA this only protects against general judgement liens
Homestead An owner occupied dwelling, together with any appurtenant outbuildings and land
Declaration of Homestead An owner can use this document to obtain protection in advance for a property they plan on residing on
$125,000 What is the amount of the homestead laws exemption from foreclosure in Washington?
Automatically when the property is sold When does homestead protection terminate?
Non financial encumbrances An easement, profit, or private restrictions
Easement A right to use another person's land for a particular purpose
Easement Appurtenants An easement that benefits a piece of property, the dominant tenement
Dominant Tenement In an easement appurtenant, the parcel with the benefit
Servant Tenement In and easement appurtenant, the parcel with the burden
Dominant Tenant The owner of the dominant tenement
Servant Tenant The owner of the servant tenement
Driveway easement (Easement for Ingress and Egress) What is the most common easement appurtenance?
Runs with the Land This means that if either the dominant or servant tenement is transferred to a new owner, the new owner also acquires the benefit or the burden of the easement appurtenant
Easement in Gross An easement that benefits a person rather than a parcel of land
Express Grant An easement is created in this way, when a property owner grants someone else the right to use the property
Express Reservation An easement is created in this way, when a landowner who is conveying a portion of her property retains the easement for the retained property
Implication An easement is created in this way, when an easement is divided into more than one lot, and the grantor neglects to grant or reserve an easement on one lot for the benefit of the other
Prescription An easement is created in this way through long-term use of land without the permission of the landowner
Dedication An easement is created in this way, when a landowner grants an easement to the public to use a portion of their property for public use
Condemnation An easement is created in this way, when the government exercises their power of eminent domain to gain private property for public purpose
Release An easement can be terminated in this way, when the holder of the easement relinquishes her right to the servant tenement
Merger An easement can be terminated in this way, when the two properties come to be owned by the same person
Failure of Purpose An easement can be terminated in this way, when their is no use for the easement anymore
Abandonment An easement can be terminated in this way, when the property is no longer occupied for which it was making use of the easement
Prescription An easement can be terminated in this way, when the servant tenant prevents the dominant tenant from using the easement for the statutory period (10 years)
Profits The right to take something from land belonging to someone else
Licenses Gives someone the right to make some use of another person's land, can be revoked at any time, can be an oral agreement, are tmeporary
Encroachments A physical object that is wholly or partially on someone else's property
Trespass An encroachment may do this if it violates the neighboring owner's right to possession
Ejectment The judicial action by which a court orders an encroachment to be removed
Nuisances An activity or a condition on neighboring property that interferes with a property owner's reasonable use or enjoyment of his own property
Attractive Nuisance Doctrine The owner of a property with a feature that is dangerous to children will be held liable for any harm resulting from failure to keep out trespassing children
Private Restrictions (Deed Restrictions) Restrictions in the use of a property that were imposed by some previous owner
Covenants, Conditions, and Restrictions (CC&Rs) Include rules limiting all the lots to single-family residential use, requiring property maintenance, and preventing activities that would bother the neighbors
Covenant A promise to do or not do something
Condition A provision n a deed that makes title depend on compliance with a particular restriction
Injunction A court order directing the owner to comply with a covenant in the CC&Rs
Created by: studybuddy77
 

 



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