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
The term market segmentation is mostly used in marketing for assembling prospective buyers in groups based on their needs and their response to a marketing action. One definition of market ...
First and foremost, the meaning of ‘punitive damages’ defines a financial penalty the defendant has to pay due to their negligent actions. The US legislative branch designed the ...
Federal government agency monitoring and regulating corporate financial reporting and disclosure, use of accounting principles, auditing practices, and trading activities. Its regulations ...
Deed that states "love and affection" as the consideration for the gifted real estate. ...
Road or highway acting as a frontage boundary. ...
Goods that are freely substitutable. It is goods of a given class or type, any unit of which is as acceptable as another, and capable of satisfying an obligation expressed in terms of the ...
(1) Retaining wall constructed along water with solid earth behind it. It extends the effective shoreline and protects the land from tidal action. (2) That portion of a wall located beneath ...
Restoring real property to an improved state. The restoration is usually needed because the property's condition has worsened. ...
Series of sloping horizontal slats most frequently mounted in doors and windows permitting the passage of air while restricting vision and preventing rain from entering the building. ...
Have a question or comment?
We're here to help.