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27 terms

Modern Real Estate in NC Chapter 3

Encumbrances on Real Property
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Lien
A charge against property that provides security for a debt or an obligation of the property owner.
Specific lien
A lien that is secured by a specific parcel of property and affects only that particular property
Encumbrance
A claim, charge, or liability that attaches to and is binding on real estate.
Mechanics lien
A specific, involuntary lien filed when property owner has not paid for work of contractors, laborers, and others.
General lien
This type of lien affects all the property of a debtor, both real and personal, rather than a specific parcel of real property
Judgments
A decree issued by a court.
Priority of liens
Property taxes and special assessments, then in order of time and date files (pure race), except mechanics lien, which dates to date labor began or materials were first provided.
Deed restrictions
Encumbrances on real property. AKA: covenants, conditions, restrictions. A private agreement placed in public record that affect the use of the land.
Lis Pendens
A notice that there is and action or lawsuit pending that may adversely affect the title.
Easement
The right to use the land of another for a particular purpose.
Easement appurtenant
An easement that is annexed to the ownership of one parcel of land and used for the benefit of another parcel of land. The easement "runs with the land"
Easement in gross
A personal interest in or right to use the land of another. The right to use is not attached to any ownership. (personal or commercial)
Easement by necessity
AKA easement by implication of law, because all owners must have rights of ingress to and egress from their land.
Easement by prescription
When a claimant has made use of anothers land for a certain period of time. Use must be continuous, exclusive, and without the owners approval. (20 years in NC)
Easement by condemnation
An easement acquired for a public purpose through the power of eminent domain.
Encroachment
When an improvement or any portion of an improvement, such as a building, a fence, or a driveway illegally extends beyone the land of its owner and covers some land of an adjoining owner/street/alley.
Ad valorem taxes
General real estate taxes that are levied for the general support of the government agency authorized to impose the levy.
Machinery Act
Regulates standards for real property taxation, standards for tax assessment and appraisal.
Appraisal
The process or an opinion as to value of property and how that value is communicated.
Assessment
An official valuation of property for the purpose of establishing assessed value for tax purpose.
Dominant tenement
The tract that benefits from an easement.
Servient tenement
The tract over which an easement runs.
Special assessments
Special taxes levied on real estate for public improvements made to that real estate, such as sidewalks, street lighting.
Mass appraisal
An appraisal technique that determines assessed value for all lands in a given area by applying an overall percentage increase of decrease.
Tax lien
Lien that is attached to real property as of the listing date.
Octennial reappraisal
The reappraisal process based on a statutory schedule of every eight years.
Restrictive Covenant
Private agreements usually imposed by the owner when property is sold that limits the way the real estate ownership may be used.