Access Right refers to the legal ability of a property owner to enter and exit their property, ensuring unobstructed access to and from a public road or path.
An encumbrance is any right to, interest in, or legal liability upon real property that doesn't prohibit passing title to the land but diminishes its value. Encumbrances include easements, licenses, leases, timber privileges, homestead privileges, mortgages, and judgment liens.
Partial interest refers to the ownership of a portion of the ownership rights to a parcel of real estate. This can include rights such as mineral rights, easements on another's property, or leasehold rights.
A title report provides a detailed depiction of the current state of a property title, including easements, covenants, liens, and any other defects. It does not, however, describe the chain of title.
A utility easement is a legal agreement that allows utility companies to use a portion of a property for the purpose of laying and maintaining infrastructure such as gas, electric, water, and sewer lines.
Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.