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
Room in a home where the occupants spend their leisure time. ...
A real estate broker who lists and sells houses or condominiums, as distinguished from a commercial broker who handles business property. ...
Material installed at the roof's edge for support. ...
We all know what income is or what gross income means, but what is adjusted gross income? When a company calculates its income to determine their taxable income, they take the gross income ...
Legal right or privilege, such as that arising from a contract, to use land owned by another person or business for a specific purpose. The use should be reasonable for the circumstances. ...
Roof design having two different pitches. See also gambrel roof. ...
Wondering what a Judgment Lien is?Well, a Lien can be consensual or non-consensual, right? Meaning it can be forced or agreed upon by way of a bilateral contract. When we say ...
Degree of completion or accomplishment such as a home that is 70% completed. Condition of real property. Position of an item. Legal standing such as of a case. ...
Opinion of a judge having no direct legal or binding effect on the outcome of a pending judicial decision. An obiter dictum is considered to be an incidental judicial remark about some ...
Have a question or comment?
We're here to help.