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
A reassessment or a reappraising is a decision or strategy made by the owner or the state or local authorities. The reassessment definition is a revision of an earlier assessment. Property ...
Ownership rights to real or other types of tangible or intangible property. Property rights include exclusive occupancy, possession, use, and the right of disposition. Individuals groups, ...
The legal definition of conversion is the act of using property or funds with which one has been entrusted for purposes other than those for which the property was intended to be used by ...
Did you invent something recently? Even if it’s the smallest device or idea, such as a fidget spinner, it would be best to submit a patent application for your idea (or seek patent ...
The Debt-to-Income Ratio’s (DTI) definition is a measure that allows one to compare the ability an individual has to afford a monthly debt payment out of their monthly gross income. ...
Wood panels on a wall. ...
Want to understand exactly what is a real estate consultant?Well, it’s hard to define a real estate consultant by its duties, because it’s very similar to that of a real estate ...
Grades have various definitions related to real estate and surveying land. Let’s have a look at the most common meanings of grades you’ll encounter in everyday life! Grades ...
A collection of packaged residential mortgage loans for sale in the secondary mortgage market to investors. Companies with mortgage pools expect to earn a short-term profit and use the ...
Have a question or comment?
We're here to help.