Escrow & Title
An encumbrance on an Alaska property is best defined as:
AAny improvement attached to the land
BAny claim, lien, charge, or liability attached to and binding on the property that may affect its value or transfer✓ Correct
CThe physical boundaries of the property
DA restriction on new construction imposed by the municipality
Explanation
An encumbrance is any right, interest, or claim held by someone other than the property owner that affects the property. Examples include mortgages, easements, liens, deed restrictions, and encroachments.
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Key Terms to Know
Encumbrance
Any claim, lien, charge, or liability attached to real property that affects its value or limits its use.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
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