Search results
Results from the WOW.Com Content Network
An encumbrance is a third party's right to, interest in, or legal liability on property that does not prohibit the property's owner from transferring title (but may diminish its value). [1] Encumbrances can be classified in several ways. They may be financial (for example, liens) or non-financial (for example, easements, private
dragnet lien (United States)—a lien that is enlarged to cover any additional credit extended to the debtor to the same creditor. environmental lien—a charge, security, or encumbrance on a property's title to secure payment of cost or debt arising from response actions, cleanup, or other remediation of hazardous substances or petroleum products.
Specific liens: A specific lien is tied to one certain asset and typically used for larger loans, such as mortgages. If you get a mortgage for a vacation home, for instance, the lender will put a ...
The extensive guarantees and protections offered by grant deeds include assurances of the grantor's legal authority to transfer ownership, the absence of undisclosed claims or encumbrances on the property, and protection against defects in title. [1] Understanding liens and encumbrances is important in real estate transactions.
A lien is an encumbrance on a property — a notice that informs the public of a debt that clouds title to the property by potentially giving a third party a claim to ownership rights.
Clear title is the phrase used to state that the owner of real property owns it free and clear of encumbrances. In a more limited sense, it is used to state that, although the owner does not own clear title, it is nevertheless within the power of the owner to convey clear title. For example, a property may be encumbered by a mortgage. This ...
A foreclosure guarantee is a type of report (e.g. trustees sale guarantee, judicial foreclosure guarantee and litigation guarantee) that is used mainly for foreclosing an encumbrance (or a lien) in a certain property. The title searcher will perform a full coverage search to the property in default and a search for the addresses of the lien ...
Under a judicial sale, all encumbrances, including liens and mortgages, except federal liens, are removed via approval of county court. The property then is sold free and clear to the highest ...