Encumbrances (A+ Graded)

When someone has interest in a piece of real estate, it can be.... correct answers possessory and non-possessory an interest in a property is this if it includes the right to possess and occupy the property, now or in the future correct answers possessory an interest in a property is this if it does not include the right to possess or occupy the property correct answers non-possessory a non possessory interest in a property that burdens the title. correct answers encumbrance What does an encumbrance do to title? correct answers it affects the property's clear title and may limit the use of the property by the owner one of the major concerns with a property that has encumbrances it it's... correct answers perceived limited appeal to buyers T/F- it is not unusual for an encumbrance to either be eliminated at the time of sale or cause no hardship to the new property owner & remain in place indefinitely correct answers t Why don't buyers favor properties with encumbrances? correct answers because they may inherit that encumbrance if they purchase the property Jonathan holds an interest in a property, but he does NOT have the right to occupy it. His interest in the property can be described as: correct answers non-possessory What are the common types of encumbrances? correct answers 1. easements 2. liens 3. deed restrictions 4. leases 5. clouds on title an interest in, or right to use, another individual's land or property, generally for a specific, or limited purpose correct answers easement A shared driveway to access an otherwise landlocked parcel of land would be an example of what? correct answers an easement a claim made by a creditor against real or personal property pledged by a debtor as collateral correct answers lien Why would a lease be considered an encumbrance correct answers because the party residing in the property does not own the title to the property. In other words, the owner's use of the property is significantly limited