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WILL
ENCUMBRANCE
PREVENT SALE?
An encumbrance is any claim or charge attached to and binding upon real property. It may lessen the property’s value or impair it’s use, but it doesn’t have to mean that the title cannot be transferred. Liens, easements, licenses or encroachments are among the most common encumbrances.
A lien is a claim upon the property that provides security for repayment of a debt. Liens can be voluntary or involuntary. A mortgage lien would be voluntary. The owner agrees to use the property as collateral for a loan. A tax lien arising when a court attaches a property for non-payment of taxes, is obviously an involuntary lien.
Encumbrances that are monetary, such as liens, are usually paid and released at the closing. On the other hand, physical encumbrances such as easements (like a power company’s right to cross a property to service electrical lines) are usually transferred with the title to the new owner.
If there is anything we can do to help you in the field of real estate, please phone or drop in at EILEEN M. DAY, Realtor, The Clopton House, Washington, VA. 22747. Phone: 6753400. We’re here to help.
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