One’s ownership of real estate does not mean that they have complete control over the property, or that others cannot have a claim or a right to use it. Limitations can be imposed on the owner’s transfer or use of the property, and a homeowner’s association or government entity can seize it if the rules aren’t followed and taxes aren’t paid. Understanding threats to ownership and control can help property owners and Real Estate Planning Attorneys Las Vegas NV avoid issues.
Real Estate Encumbrances
Encumbrances are claims and other issues that block an owner’s full rights. Repairman’s, tax and HOA liens can encumber ownership, as can other claims. For instance, an ex-spouse can use community property laws to prevent the sale of a piece of land. If a property is encumbered, the owner may be aware and unaffected. However, if they decide on a sale, a potential buyer may find the encumbrance to be a purchase barrier.
A real estate easement is one party’s right to use another person’s land. Rights may include passing through to access another piece of property or placement of utility lines. Easements can be given any time, and may be removed under certain circumstances. Prospective buyers should watch for creative easements when buying a property, as they can encumber the full use of the real estate.
Liens are perhaps the most concerning form of an encumbrance upon real property. A lien can come from a variety of sources; some private, and some public. A homeowner’s association can put a lien on someone’s property if they fail to pay their HOA dues, and government entities can get priority if they place a lien for failure to pay property taxes. Potential buyers and property owners can visit the website to find out how Grant Morris Dodds can help to resolve property encumbrances.
There’s a saying that goes “If you ever think you really own your property, just try not paying property taxes”, and it’s mostly true. Other parties can have interests in, and claims to, one’s property that prevents the exercise of full ownership rights. By consulting Real Estate Planning Attorneys Las Vegas NV and by learning the threats and limitations to real property ownership before making a purchase, potential buyers can go into the process well informed.