Incumbrance
Definition of "Incumbrance"
A right or interest in property held by a third party, which often limits the use and diminishes the value of the property, but usually does not prevent the transferring of title. The more common forms of incumbrance are:
- Taxes, water rents and assessments for local improvements that have become liens upon the property to which a contract or conveyance relates.
- Mortgages.
- Recorded judgments.
- Property lease. Lis pendens giving notice that an action or proceeding is pending in the courts affecting the title to the property.
- Mechanics' liens for work or labor done or material furnished for use on the subject property.
- Building or other structural encroachments on the property.
- Easements.
- Restrictive covenants.
Popular Real Estate Terms
Financial intermediaries who invest in deeds of trust and mortgages, and hold them in their own portfolio. Large financial firm that uses depositors' money to lend to borrowers. ...
The Exclusive Agency Listing is regularly confused with the Exclusive Right to Sell Listing, but they are not the same. True: on both Listings, only 1 Broker or Agent has the right to sell ...
Freestanding residential housing constructed on its own building lot. Detached housing is the typical type of housing found in suburban developments. ...
A projecting window located above the first floor that is supported by brackets. ...
Reconsideration of the value of real property. An example is getting property appraised each year to determine its current value for tax or purposes of determining whether to sell ...
Drawing for the entire structure or part of it that is detailed and in scale so that engineers and construction workers may readily follow it. ...
Typically, the legal term attachment refers to seizing a person’s property, being charged with debt, and giving it to the wronged creditor until the process is in motion. Attachment ...
The term acknowledgement refers to an act, deed, declaration, or an expression of appreciation, but it also refers to accepting or recognizing something. The definition of acknowledgement, ...
To obtain the right through authorization to act as a legal representative and agent for another. ...
Have a question or comment?
We're here to help.