Chapter 7 Liens, Foreclosures, Redemptions, and Easements New Jersey Real Estate for Salespersons and Brokers By Marcia Darvin Spada Thomson/South-Western, Copyright, 2006

Chapter 7 Liens, Foreclosures, Redemptions, and Easements Chapter 7 Liens, Easements, Redemptions, and Foreclosures

Chapter 7 Liens, Foreclosures, Redemptions, and Easements Chapter 7 Key Terms  Appurtenance  Construction lien  Deed in lieu of  Foreclosure  Deficiency judgment  Easement/easement appurtenant/easement in gross  Encumbrance  Equity of redemption  Foreclosure  Judgment  Lis pendens  Specific lien/general lien  Voluntary/involuntary  liens

Chapter 7 Liens, Foreclosures, Redemptions, and Easements Types of Specific Liens  Mortgages  Real Property tax liens  Construction liens

Chapter 7 Liens, Foreclosures, Redemptions, and Easements Types of General Liens  Judgment liens  Income tax liens  Estate and inheritance tax liens

Chapter 7 Liens, Foreclosures, Redemptions, and Easements Elements of foreclosure Priority/ Subordination Deficiency judgment Equity of Redemption Deed in lieu of foreclosure Foreclosure

Chapter 7 Liens, Foreclosures, Redemptions, and Easements Easements Easement Appurtenant two landowners, one benefits, one burdened Easement in Gross commercial easements, government, public utilities

Chapter 7 Liens, Foreclosures, Redemptions, and Easements Dominant and servient tenement  Dominant-benefits from easement  Servient-suffers and allows easement

Chapter 7 Liens, Foreclosures, Redemptions, and Easements Creation of Easements Appurtenants  Grant or reservation  Necessity and intent  Prescription  Implication  Condemnation

Chapter 7 Liens, Foreclosures, Redemptions, and Easements Encroachments Created by intrusion of a structure or object across a boundary line Tree branches from a neighbor’s yard that overhang to an adjoining property are encroachments

Chapter 7 Liens, Foreclosures, Redemptions, and Easements Appurtenances  Profit  License  Air rights  Subsurface rights  Water rights