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
Same as term marginal land: Land that has poor income potential, usually used in an agricultural sense meaning that the land is untellable, has poor access, is extremely steep, has suffered ...
There’s a lot of confusion regarding the hazard insurance definition. Many people think it’s a synonym for homeowners insurance but they’re wrong. Hazard insurance is ...
Work required as a court judgment because of a crime committed. ...
Span of time a rental agreement is free to the occupant. A landlord may offer this as an incentive to stimulate rentals. For example, an owner of an office building may provide a free ...
Window(s) situated on top of a structure to furnish air and light for the inside. ...
Buying more house than a buyer can afford based on his or her income. ...
Person leaving from work to spend time in leisure activities. pay in full the balance on a debt either at or before the maturity date. Penalties may be assessed on prepaying a mortgage. ...
Examination of the financial records of a business to uncover errors and other irregularities. Involves looking at source documents to determine the legitimacy of transactions. An ...
Just to be clear: an Open house is not when you invite friends over to meet your new house. At least not in the real estate world.When you hear someone talking about an Open House, they ...
Have a question or comment?
We're here to help.