Module 3 Private Restrictions on Ownership

Encumbrances

is any legal claim, right, interest, or restriction attached to a property that limits the owner's bundle of rights or affects the property's title

CC&R’s

covenants, conditions, and restrictions (HOA)

Liens

recorded financial interests against the property

Private Restrictions

non-governmental limitations on the owner’s ability to use a property

Public Restrictions

governmental limitations on the owner’s ability to use a property

Mortgage

a security interest in the form of a pledge of real property as collateral for a debt or other obligation

Foreclosure

is the process used to enforce the pledge if the mortgagor defaults

Mechanics Lien

a legal claim filed against real property by a contractor, subcontractor, tradesperson, or material supplier who worked on the property but was not paid for their labor or materials

Easements

the legal right to use property you don’t own permanent in nature “runs with the land”

License

a revocable personal privilege to use land for a particular purpose

Easement Appurtenant

an easement that benefits an adjacent parcel of land and attaches directly to the property ("runs with the land"), transferring automatically to new owners upon sale

Easement in Gross

an easement that benefits a specific individual or commercial entity rather than a neighboring piece of land

Easement by Necessity

an easement created by court order when a property is completely landlocked without any legal access to a public road

Easement by Prescription

an easement acquired through continuous, open, notorious, and hostile unpermitted use of another person's land over a state defined statutory time period

Conservation Easement

a negative easement that prevents rather than provides a right to use a property in a specified manner, used to protect historical land or environment protection

Profit of Prendre

a non-possessory interest in property, that permits the holder to remove specified resources from land, such as oil, gas, minerals, etc

Encroachments

an unauthorized invasion of intrusion of a fixture, building, or other improvement onto another owner’s property, may negatively impact value

Adverse Possession

process by which title to land is transferred from its legal owner to someone who openly possesses the land for a statutory time period without the permission of the owner