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Dictionary of Law |
real estate investment trust :: legal definitionReal estate investment trust - n. nicknamed REIT, a real estate investment organization which finds investors and buys real property and gives each investor either a percentage interest in the property itself or an interest in a loan secured by a mortgage or deed of trust on the property. Usually the loan is used to develop the property and build upon it, and then there is a division of profits upon sale-if there is a profit. Related Law Termsabstract of judgment :: n. a written summary of a judgment which states ho ... aying the debt. See also: levy lienabstract of title :: n. the written report on a title search which show ... e also: chain of title title report accretion :: n. 1) in real estate, the increase of the actual l ... cted event. See also: probate trust after-acquired property :: n. 1) personal or real property acquired by a debt ... lso: bankruptcy secured transaction appurtenant :: adj. pertaining to something that attaches. In rea ... t. See also: easement real property assess :: v. to set a value on property, usually for the pur ... e place upon sale of real property. assume :: v. to take over the liability for a debt on a prom ... he assumption. See also: assumption attorney-in-fact :: n. someone specifically named by another through a ... cument. See also: power of attorney bankruptcy :: n. a federal system of statutes and courts which p ... y proceedings trustee in bankruptcy breach :: 1) n. literally, a break. A breach may be a failur ... breach of trust breach of warranty capital gains :: n. the difference between the sales price and the ... so: basis delayed exchange exchange chain of title :: n. the succession of title ownership to real prope ... title conveyance foreclosure title cloud on title (cloud) :: n. an actual or apparent outstanding claim on the ... ion reconveyance title title report collateral :: 1) n. property pledged to secure a loan or debt, u ... ral to the Colorado divorce action. color of title :: n. the appearance of having title to personal or r ... rty based on this "color of title." commingling :: n. the act of mixing the funds belonging to one pa ... rust accounts for funds of another. condition subsequent :: n. 1) in a contract, a happening which terminates ... Dad Fauntleroy. See also: condition contingent interest :: n. an interest in real property which, according t ... ontingent remainder future interest convey :: v. to transfer title (official ownership) to real ... ion conveyance deed grantee grantor conveyance :: n. a generic term for any written document which t ... r Recorder of Deeds. See also: deed covenant :: 1) n. a promise in a written contract or a deed of ... o compete deed restrictive covenant deed :: 1) n. the written document which transfers title ( ... veyance deed of trust warranty deed deed of trust :: n. a document which pledges real property to secur ... : foreclosure mortgage reconveyance demise :: 1) v. an old-fashioned expression meaning to lease ... r life. 3) n. death. 4) n. failure. devise :: 1) v. an old-fashioned word for giving real proper ... so: bequest gift legacy remise will devisee :: n. a person who receives a gift of real property b ... will. See also: beneficiary legatee dominant estate :: n. in real estate law, the property retained when ... See also: easement servient estate easement :: n. the right to use the real property of another f ... rstandings at the time of creation. escrow :: 1) n. a form of account held by an "escrow agent" ... w the deal." See also: escrow agent escrow instructions :: n. the written instructions by buyer and seller of ... ir agents. See also: closing escrow estate :: n. 1) all that one owns in real estate and other a ... ife estate probate real estate will exchange :: 1) v. to trade or barter property, goods and/or se ... ins tax. See also: delayed exchange execution :: n. 1) the act of getting an officer of the court t ... so: death penalty writ of execution fiduciary :: 1) n. from the Latin fiducia, meaning "trust," a p ... lation fiduciary relationship trust foreclosure :: n. the system by which a party who has loaned mone ... ced sale mortgage notice of default foreclosure sale :: n. the actual forced sale of real property at a pu ... dicial sale mortgage sheriff's sale free and clear :: adj. referring to the ownership of real property u ... the title has no claim against it. grant deed :: n. the document which transfers title to real prop ... rant grantee grantor quitclaim deed in kind :: adj. referring to payment, distribution or substit ... . See also: distribution trust will insurance :: n. a contract (insurance policy) in which the insu ... t clause Workers' Compensation Acts interest :: n. 1) any and all, partial or total right to prope ... nal property real property standing joint tenancy :: n. a crucial relationship in the ownership of real ... ty property tenancy in common title judicial foreclosure :: n. a judgment by a court in favor of foreclosure o ... deed of trust foreclosure mortgage jurisdiction :: n. the authority given by law to a court to try ca ... Superior Court Supreme Court venue laches :: n. the legal doctrine that a legal right or claim ... , breach of contract, fraud, etc.). land :: n. real property, real estate (and all that grows ... See also: real estate real property lease :: 1) n. a written agreement in which the owner of pr ... triple net lease unlawful detainer legatee :: n. a person or organization receiving a gift of an ... eficiary devise devisee legacy will leverage :: 1) n. the use of borrowed money to purchase real e ... e been created by risky leveraging. lien :: n. any official claim or charge against property o ... ord's lien mechanic's lien mortgage life estate :: n. the right to use or occupy real property for on ... hter, Sadie, will own the property. lis pendens :: (lease pen-dense) n. Latin for "a suit pending," a ... ob can be penalized by court order. marital deduction :: n. an estate tax deduction allowed a surviving spo ... community property estate tax trust marketable title :: n. the title to real property which has no encumbr ... e. See also: contract real property Massachusetts Trust :: n. a business in which the investors give manageme ... provide for eventual distribution. mechanic's lien :: n. the right of a craftsman, laborer, supplier, ar ... ll sue for the debt. See also: lien merger :: n. 1) in corporate law, the joining together of tw ... and taking one, and wife the other. mortgage :: n. a document in which the owner pledges his/her/i ... losure notice of default trust deed nominal party :: n. a defendant or a plaintiff included in a lawsui ... ed. See also: necessary party party non-discretionary trust :: n. a trust in which the trustee is directed to inv ... ower in the matter. See also: trust notice :: n. 1) information, usually in writing in all legal ... Thirty-day notice three-day notice parcel :: n. a defined piece of real estate, usually resulti ... See also: real estate real property pawn :: v. to pledge an item of personal property as secur ... nsed by the state. See also: pledge personalty :: n. movable assets (things, including animals) whic ... lso: personal effects real property pledge :: v. to deposit personal property as security for a ... ise to do something. See also: pawn possessory interest :: n. in real estate, the intent and right of a perso ... o: possess possession real property possibility of a reverter :: n. the potential that the title to a real property ... further issue. See also: reversion pour over will :: n. a will of a person who has already executed a t ... invalid trust. See also: trust will power of attorney :: n. a written document signed by a person giving an ... y, as in a real estate transaction. premises :: n. 1) in real estate, land and the improvements on ... t). See also: real estate structure pro rata :: (proh rat-ah or proh ray-tah) adj. from Latin for ... e year in which he/she holds title. property :: n. anything that is owned by a person or entity. P ... rty real property separate property property tax :: n. an annual governmental tax on real property or ... are made. See also: ad valorem tax real estate :: n. land, improvements and buildings thereon, inclu ... the future. See also: real property real property :: n. 1) all land, structures, firmly attached and in ... onal property real estate reversion reconveyance :: n. in those states which use deeds of trust as a m ... conveyance. See also: deed of trust record :: 1) v. (ree-cored) to put a document into the offic ... eeding race to the courthouse trial remainder :: n. in real property law, the interest in real prop ... ed reversion title vested remainder resulting trust :: n. a trust implied by law (as determined by a cour ... See also: constructive trust trust reversion :: n. in real property, the return to the grantor or ... lled "reverter." See also: reverter savings and loan :: n. a banking and lending institution, chartered ei ... vings into the home finance market. servient estate :: n. real property which has an easement or other us ... See also: dominant estate easement subject to :: adj. referring to the acquisition of title to real ... : assumption deed of trust mortgage subordination :: n. allowing a debt or claim which has priority to ... . See also: subordination agreement tax :: n. a governmental assessment (charge) upon propert ... unified estate and gift tax use tax title :: n. 1) ownership of real property or personal prope ... ink slip real property title search title report :: n. the written analysis of the status of title to ... lso: abstract title title insurance title search :: n. the examination of county records for the prope ... e escrow lien title title insurance trade fixture :: n. a piece of equipment on or attached to the real ... uch damage. See also: fixture trade undivided interest :: n. title to real property held by two or more pers ... y by the entirety tenancy in common unlawful detainer :: n. 1) keeping possession of real property without ... Thirty-day notice three-day notice use :: n. the right to enjoy the benefits of real propert ... ay it is only of academic interest. will :: n. a written document which leaves the estate of t ... will and testament probate testator Popular Law Searcheslegal definition ministerial act :: n. an act, particularly of a governmental employee ... exercising any individual judgment.chancery legal definition :: n. a court that can order acts performed. Today ch ... ts in most states. See also: equity testamentary disposition legal definition :: n. how the terms of a will divide the testator's ( ... named beneficiaries. See also: will contract of sufferance :: n. a "hold-over" tenancy after a lease has expired ... y tenancy at will unlawful detainer forthwith legal definition :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay. forthwith definition legal :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay. what is to wit in a legal contract :: prep. that is to say. Example: "the passengers in ... tty Bumgartner and Sherry Younger." mirror wills legal definition :: n. the wills of a husband and wife which are ident ... d each names the other as executor. clean hands doctrine latin :: n. a rule of law that a person coming to court wit ... ices. See also: affirmative defense sine qua non only relates to contract law :: (see-nay kwah nahn) prep. Latin for "without which ... qua non of the injury to Playmate. Other Law Terms - Rrace to the courthouse :: n. slang for the rule that the first deed, deed of ... e also: deed judgment lien mortgageRacketeer Influenced Corrupt Organization (RICO) statue :: n. a federal law which makes it a crime for organi ... s to operate legitimate businesses. racketeering :: n. the federal crime of conspiring to organize to ... ("organized crime" or "the Mafia"). ransom :: 1) n. money paid to a kidnapper in demand for the ... ive. See also: abduction kidnapping rape :: 1) n. the crime of sexual intercourse (with actual ... See also: date rape statutory rape ratable :: adj. taxable according to value, such as an estate ... lue, such as an estate or property. ratification :: n. confirmation of an action which was not pre-app ... mployee). See also: agent principal ratify :: v. to confirm and adopt the act of another even th ... ligation. See also: agent principal rational basis :: n. a test of constitutionality of a statute, askin ... imate and constitutional objective. ready, willing and able :: adj. fully prepared to act, as in performing a con ... o act, as in performing a contract. real estate :: n. land, improvements and buildings thereon, inclu ... the future. See also: real property real estate investment trust :: n. nicknamed REIT, a real estate investment organi ... its upon sale-if there is a profit. real party in interest :: n. the person or entity who will benefit from a la ... st is the beneficiary of the trust. real property :: n. 1) all land, structures, firmly attached and in ... onal property real estate reversion realty :: n. a short form of "real estate." See also: real e ... real estate." See also: real estate reasonable :: adj., adv. in law, just, rational, appropriate, or ... ost of other actions or activities. reasonable care :: n. the degree of caution and concern for the safet ... . See also: duty of care negligence reasonable doubt :: n. not being sure of a criminal defendant's guilt ... also: preponderance of the evidence reasonable reliance :: n. particularly in contracts, what a prudent perso ... the following:." See also: contract reasonable speed :: n. the speed of an automobile determined to be low ... e speed limit. See also: negligence |