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CHAPTER 5
ENCUMBRANCES & LIENS
| Question | Answer |
|---|---|
| ENCUMBRANCES: What are these? | |
| Type of interest: | |
| Easement appurtenant | |
| Dominant tenement's | |
| Servient tenement | |
| easement by necessity | |
| landlocked owners | |
| party wall: | |
| negative easement in shared structure | |
| Easement in gross | |
| personal: | |
| not revocable | |
| ends on death of _ | |
| commercial: granted to | |
| How are easements created? | |
| voluntary grant | |
| decree by necessity or prescription | |
| eminent domain | |
| prescription | |
| adverse use or | |
| How are easements terminated? | |
| release | |
| merger | |
| abandonment | |
| condemnation _ | |
| change of purpose | |
| destruction | |
| non-use property by deed or subdivision plat | |
| claims attaching to real and personal property as security for debt . | |
| TYPES of LIENS | |
| voluntary or involuntary | |
| general | |
| specific | |
| superior | |
| junior | |
| Lien priority | |
| Determines who gets paid first if lienee | |
| Superior liens vs junior liens; not ranked | |
| taxes | |
| liens | |
| taxes | |
| Junior liens -- ranked by | |
| judgment | |
| mortgage | |
| vendor's_ | |
| utility, | |
| mechanic's | |
| other tax liens_ | |
| mechanic's lien priority "_______ ________" to when work or sale was done or when it _____________________. | |
| FORECLOSURE --- the enforcement of _______________ through _________________ or transfer of _________________ property | |
| Mortgage lien foreclosure -- _______________ or transfer of _____________ property by __________________, ________________, ________________________________________________. | |
| Judicial foreclosure -- ____________________ public sale; deficiency judgments or redemption rights | |
| Non-judicial foreclosure "power of sale" ________________________; there is no _________; no __________________ judgment; no ___________________ period after sale . | |
| S______________ foreclosure -- court orders _____________ ______________ of ____________ directly to lender without public sale | |
| __________ -_____ _______ of foreclosure --- _________________borrower _______________ property to lender to avoid foreclosure . | |
| _______________________ into adjoining property; can become easements | |
| LICENSES : ___________________ ___________________ to use a property; do not ______________; CANNOT ________________; ___________________________ |
Created by:
Mz Jade
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