What is a claim or charge against the property of another person called?

The term for a claim or charge against the property of another person is a lien. A lien represents a legal right or interest that a lender has in the borrower's property, granted until the debt obligation is satisfied. It acts as a security interest that ensures the lender has the right to take possession of an asset to satisfy a debt if the borrower defaults.

For example, if an individual takes out a loan to purchase a home, the lender may place a lien on the property to secure the loan. This means that the lender has a legal claim against the house until the mortgage is fully paid off.

Understanding liens is crucial in real estate transactions, as they can affect the transferability of a property and can complicate ownership if not resolved before a property is sold.

On the other hand, an easement provides someone the right to use another person's property for a specific purpose but does not establish a financial claim against it. An encumbrance is a broader term that refers to any claim, lien, charge, or liability attached to a property, but it does not specify the legal interest type as a lien does. A mortgage is a specific type of lien created when property is purchased through borrowed funds, where the property serves as collateral for