Nonpossessory Interests in Real Property

Vocabulary flashcards related to Nonpossessory interest in Real Property.

Nonpossessory Interest

A claim, limitation, or liability that is attached to real property.

Easement

A nonfinancial encumbrance that gives the easement holder the right to use real property for a specific purpose.

Right of Way (ROW)

An easement that grants access to property.

Easement in Gross

Involves a specific parcel of land and benefits a company or a person.

Easement Appurtenant

Burdens one parcel of land for the benefit of another parcel owned by someone else.

Servient Tenement

The land that is burdened by an easement appurtenant.

Dominant Tenement

The land that benefits from an easement appurtenant.

Easement by Express Grant

Part of a property is sold, and the deed enables the seller to retain an easement across their former land.

Easement by Implication

A tract of land is divided and sold, and there is long-standing apparent use necessary for the enjoyment of the land.

Easement by Necessity

Arises when land would be completely useless without it, even with no long-standing or apparent use.

Easement by Agreement

There is a fence, shared wall, or driveway between two properties that is described in a deed or other written agreement.

Easement by Prescription

Requires open, notorious, hostile, and adverse use of another person’s land for a specific period as determined by state law.

Easement by Condemnation

The government uses its police powers to condemn a property to establish an easement for the benefit of the general public.

Release

All parties involved sign a document releasing the easement holder’s interest in the property.

Merger

Two or more separate properties are united by transferring ownership of all properties to one person.

Abandonment

There is a failure to occupy and use the property, which may result in a loss of rights.

Court Action

There is a quiet title action in the courts terminating the easement.

Prescription/Non-Use

A prescriptive easement owner doesn’t use the easement for the mandated number of years.

License

A revocable, non-assignable permission to enter another’s land for a particular purpose.

Encroachment

A building or improvement that intrudes onto someone else's property.

Lien

A financial encumbrance; provides a creditor some security for a debt and may give the creditor or lienholder the right to foreclose on the debtor’s property if the debt is not paid.

General Lien

Attaches to all property, real and personal.

Specific Lien

Attaches only to specific property.

Voluntary Lien

Has the consent of the owner, such as a mortgage.

Involuntary Lien

Does not have the consent of the owner; an operation of law to protect the creditors.

Mortgage

A lender holds a lien against the property (not the title) until the debt is repaid.

Property Tax Lien

Secures the payment of property taxes as an involuntary, specific lien against real estate.

Income Tax Lien

Unpaid income taxes can create a lien against the taxpayer’s property.

Estate or Inheritance Tax

May be placed against a deceased person’s property and is typically disposed of in probate court.

Corporation Franchise Tax

Placed against a corporation’s assets when it has not paid the state tax that allows it to do business.

HOA Assessment Lien

Placed against a property when association dues and/or special assessments are not paid to the HOA.

Judgment Lien

Occurs through court action and is most often the result of a lawsuit when one party (judgment debtor) owes the other party (judgment creditor) money.

Attachment Lien

Filed to prevent the transfer of property until the outcome of a lawsuit.

Mechanic’s Lien

Filed by someone who has supplied labor or material for improvements, maintenance, or repairs for real estate and has not been paid.

Subordination Agreement

Allows a lender to voluntarily put its lien in a lower order of priority.

Default

Failure to fulfill an obligation, duty, or promise.

Dominant Tenant

A person with easement rights on another's property; either the owner of a dominant tenement or someone who has an easement in gross.

Lis Pendens

A recorded notice stating that there is a lawsuit pending that may affect title to the defendant's real estate.

Materialman

A person who supplies materials, equipment, or fuel for a construction project.

Runs with the Land

Rights, conditions, or restrictions that are associated with the property as opposed to the individual who owns the property.

Servient Tenement

Property burdened by an easement; the owner of the servient tenement is required to allow someone who has an easement to use his property.

Special Assessment

A tax levied only against properties that benefit from a public improvement to cover the cost of the improvement; creates an involuntary lien.