Encumbrance
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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.
- See: Legal Liability, Real Property, Title (Property), Lien, Easement, Modern Real, Security Interest, Real Covenant.
References
2016
- (Wikipedia, 2016) ⇒ https://en.wikipedia.org/wiki/encumbrance Retrieved:2016-10-5.
- 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. [1] Encumbrances can be classified in several ways. They may be financial (ex: liens) or non-financial (ex: easements, private restrictions). Alternatively, they may be divided into those that affect title (ex: lien, legal or equitable charge) or those that affect the use or physical condition of the encumbered property (ex: restrictions, easements, encroachments). [2] Encumbrances include security interests, liens, servitudes (e.g. easements, wayleaves, real covenants, profits a prendre), 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. Encumbrance: charge upon or claim against land arising out of private grant or a contract.
- ↑ Steven H. Gifis, Barron's Dictionary of Legal Terms, 4th edn., s.v. "encumbrance" (Barron's Educational Serie===s, 2008), 169.
- ↑ Fillmore E. Galay et al., Modern Real Estate Practice in Illinois, 4th edn. (Chicago: Dearborn Real Estate Education, 2001), 107.
- (City Council of Barnstable, 2016b) ⇒ Town of Barnstable. (2016). “Town of Barnstable Adopted Operating Budget - 2017."
- QUOTE: Encumbrance: A reservation of funds to cover obligations arising from purchase orders, contracts, or salary commitments that is chargeable to, but not yet paid from, a specific appropriation account.