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NEGATIVE CASH FLOW The investment situation where cash expenditures to maintain an investment (taxes, mortgage payments, maintenance, etc.) exceed the cash income received from the investment. ENCUMBRANCE Any claim, lien, charge or liability attached to and binding upon real property which may lessen the value of the property but will not necessarily prevent transfer of title. ENVIRONMENTAL IMPACT STATEMENT A report which includes a detailed description of a proposed development project with emphasis on the existing environment setting, viewed from both a local and regional perspective, and a discussion of the probable impact of the project on the environment during all phases. TAX LIEN A general statutory lien imposed against real property for failure to pay taxes. There are federal tax liens and state tax liens. INNOCENT PURCHASER FOR VALUE One who purchases real property without notice, actual or constructive, of any superior rights or interests in the real property. |
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