The Law Dictionary for Everyone
A title company ensures that the title assigned to a piece of property is valid, and free of liens and other encumbrances. If the title is valid, then the title company issues title insurance to on that piece of property to assure the buyer that the property can be sold. Title insurance protects either the lender, the owner, or the […]
Read moreThe concept of riparian rights refers to the rights of all landowners whose properties connect to a running body of water, such as a river or stream. More specifically, the term refers to their right to make “reasonable use” of the water that flows either through or over their properties. Examples of riparian rights include swimming, boating, or fishing. To […]
Read moreProrated rent is the amount of rent a landlord charges a tenant when that tenant has only occupied the apartment for period of time less than a full rental period (usually one month). Prorated rent is employed when a landlord only charges a tenant for the number of days that the tenant actually lived in the apartment during that rental […]
Read moreJoint tenancy is a situation wherein two people hold equal ownership in a single piece of real property. Both names are on the deed, and each person has a 50 percent ownership stake in that particular piece of property. If one of the two people dies, then the other person automatically takes complete ownership of the property. To explore this […]
Read moreA sublease is a rental agreement between someone who has leased a house or apartment, and another person who wishes take over. Typically, a sublease is created when a tenant finds that he cannot continue meeting the terms of the lease as agreed. In this scenario, the tenant may lease the dwelling out, while remaining liable to the property owner, […]
Read moreRenters’ rights, which are more commonly referred to a “tenants’ rights,” are rights afforded to a person or group who rents, or who is interested in renting, a parcel of land, a house, or an office building. Renters are entitled to move into a home or office building that has been officially deemed clean and safe to occupy. Renters are […]
Read moreReal estate lawyers are typically hired for either of two types of functions: (1) to litigate real estate-related cases, or (2) to handle the legal aspects of a real estate transaction. Real estate lawyers are essentially mediators who step in when real estate deals go south. Some real estate lawyers specialize in residential or commercial real estate, while others focus […]
Read moreThe term deed in lieu is a short phrase commonly used to refer to a deed in lieu of foreclosure, which is a tool that may be used by some homeowners who are seriously behind in their mortgage payments, and seeking a way out. Foreclosure is a costly endeavor for both the homeowner and the financial institution holding the mortgage. […]
Read moreThe term appraisal refers to the act of assessing someone, or something of value. Valuations of property are normally done by qualified, impartial professionals, and are commonly associated with the valuation of real property, though valuable personal property is also the subject of appraisal. The value provided as a result of an appraisal may be based directly on commercial value, […]
Read moreThe phrase squatters’ rights pertains to a notion that someone who takes possession of, or who fails to leave, a property owned by someone else, can eventually claim that property as his own. The concept follows the arrival of homeless people moving into abandoned buildings and setting up shop. If the property owner shows up years later wishing to put […]
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