outline03 - Chapter 3 Private Restrictions on Ownership...

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Chapter 3 Private Restrictions on Ownership Lecture Outline Encumbrances—Restrictions or limitations on the owner’s ability to use a property. Private encumbrances that limit the way a property owner can use a property Recorded in public record Enforceable by parties who benefit from the limitations Generally “run with the land” Lien a financial security interest in a property. Specific liens are tied to a particular parcel of real estate o Mortgages— a pledge of real property as collateral for a debt or other obligation Mortgagor-borrower Mortgagee-lender Foreclosure— legal process used mortgagee to use the pledged property to satisfy the debt or obligation in the event of default by the mortgagor. o Mechanic’s liens—a financial security interest held by a party who provides labor or materials for real estate improvements that is enforceable by foreclosure. General liens are tied to all property that might be owned by an individual
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This note was uploaded on 02/06/2009 for the course FIN 241 taught by Professor Sinow during the Spring '09 term at University of Illinois at Urbana–Champaign.

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outline03 - Chapter 3 Private Restrictions on Ownership...

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