| Author |
Message |
|
|
 Sam
Site Admin
Joined: 21 May 2005
Posts: 281
Location: CALIFORNIA
117.49 Dollars($)
|
 Posted: Thu May 27, 2004 10:02 pm Post subject: Encumbrance |
|
|
Encumbrance is any claim or liability appended to and binding upon the real property that may reduce the value and enjoyment of that property. It generally affects the transferability of the property and remains with it even after it has been transferred to some other person. It is also known as lien. It is of two types:
- Money encumbrance - such as mortgage, tax lien, mechanic's lien.
- Non money encumbrance - such as an encroachment etc.
For example, Adam has mortgaged his land to Sam Jones due to some personal reasons. Now Sam has a right and interest in the property of Adam, though he is not a legal owner of Adam's property. This is known as encumbrance. |
|
|
Jim Gourniak Sr.
Guest
|
| Posted: Tue Aug 12, 2008 7:38 am Post subject: Encumbrance |
|
|
| How long does a bank have to remove an encumbrance. |
|
|
sara
Moderator
Joined: 05 Jul 2006
Posts: 1679
Location: New Brunswick, New Jersey
315.07 Dollars($)
|
| Posted: Wed Aug 13, 2008 5:30 am Post subject: RE: |
|
|
Hi Jim,
What type of emcumbrance are you talking about?
Is it that you can't pay for a mortgage? pls specify your situation so that i can give you the information. |
|
|
