ENCUMBRANCE

Encumbrance

An encumbrance is a right to, interest in, or legal liability on real property that does not prohibit passing title to the property but that diminishes its value. Encumbrances can be classified in several ways. They may be financial or non-financial . Alternatively, they may be divided into those that affect title or those that affect the use or physical condition of the encumbered property . Encumbrances include security interests, liens, servitudes, leases, restrictions, encroachments, and air and subsurface rights. Also, those considered as potentially making the title defeasible are encumbrances, e.g. charging orders, building orders and structure alteration.

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encumbrance

Noun

  1. Something that encumbers; a burden that must be carried.
  2. an interest, right, burden, or liability attached to a title of land, such as a lien or mortgage.


The above text is a snippet from Wiktionary: encumbrance
and as such is available under the Creative Commons Attribution/Share-Alike License.

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