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Chapter 3

Encumbrances on real property

Ad valorem taxes General real estate taxes that are levied for the general support of the government agency authorized to impose the levy.
Assessment An official valuation of property for the purpose of establishing assessed value for tax purpose.
Deed restrictions Encumbrances on real property. AKA: covenants, conditions, restrictions. A private agreement placed in public record that affect the use of the land.
Dominant tenement The tract that benefits from an easement.
Easement The right to use the land of another for a particular purpose.
Easement appurtenant An easement that is annexed to the ownership of one parcel of land and used for the benefit of another parcel of land. The easement "runs with the land"
Easement by condemnation An easement acquired for a public purpose through the power of eminent domain.
Easement by necessity AKA easement by implication of law, because all owners must have rights of ingress to and egress from their land.
Easement by prescription When a claimant has made use of another's land for a certain period of time. Use must be continuous, exclusive, and without the owners approval. (20 years in NC)
Easement in gross A personal interest in or right to use the land of another. The right to use is not attached to any ownership. (personal or commercial)
Encroachment When an improvement or any portion of an improvement, such as a building, a fence, or a driveway illegally extends beyond the land of its owner and covers some land of an adjoining owner/street/alley.
Encumbrance A claim, charge, or liability that attaches to and is binding on real estate.
General lien This type of lien affects all the property of a debtor, both real and personal, rather than a specific parcel of real property
Judgments A decree issued by a court.
Lien A charge against property that provides security for a debt or an obligation of the property owner.
Lis Pendens A notice that there is and action or lawsuit pending that may adversely affect the title.
Machinery Act Regulates standards for real property taxation, standards for tax assessment and appraisal.
Mass appraisal An appraisal technique that determines assessed value for all lands in a given area by applying an overall percentage increase of decrease.
Mechanics lien A specific, involuntary lien filed when property owner has not paid for work of contractors, laborers, and others.
Octennial reappraisal The reappraisal process based on a statutory schedule of every eight years.
Priority of liens Property taxes and special assessments, then in order of time and date files (pure race), except mechanics lien, which dates to date labor began or materials were first provided.
Restrictive Covenant or Protective Covenant Private agreements usually imposed by the owner when property is sold limiting real estate use; frequently used by owner/developer to maintain specific standards in a subdivision. The covenants are appurtenant. Protective covenants.
Servient tenement The tract over which an easement runs.
Special assessments Special taxes levied on real estate for public improvements made to that real estate, such as sidewalks, street lighting.
Specific lien A lien that is secured by a specific parcel of property and affects only that particular property
Tax lien Lien that is attached to real property as of the listing date.
Created by: whitwill
Popular Real Estate sets




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