The Law Dictionary for Everyone
A quit claim deed (also “quitclaim deed”) is a legal document used for an individual (the “Grantor”) to terminate, or “quit,” any interest or claim to a specified real property, allowing that interest to be transferred to a recipient (the “Grantee”). Such real property may be a house, a piece of land, a vacant lot, or any other property considered […]
Read moreThere are two distinctly different definitions of the term land trust: the first refers to a non-profit organization’s stewardship over a piece of land for the purpose of preserving it, or to assist in its conservation. The second type of land trust is an agreement in which an individual (the “trustee”) agrees to hold title or ownership of a piece […]
Read moreThe legal significance of a homestead is the privilege of a homeowner to remain in his home, even in the face of creditor claims or bankruptcy. For this purpose, a homestead includes the family home, the real property on which it sits, and any out buildings or appurtenances. Because the purpose of the homestead is to protect a family from […]
Read moreA deed is a legal, written document used to transfer or signify ownership of real property, or certain types of personal property. A deed is commonly required for the transfer of land, as such a transfer can only be made in a specific manner prescribed by law. The deed is signed by the person transferring the land (the “grantor”), conveying […]
Read moreEarnest money is a term used to refer to an amount of money given by a buyer to a seller to demonstrate the buyer’s good faith in the transaction. Most commonly used in real estate transactions, earnest money may be used to allow the buyer more time to seek financing, or come up with the rest of the money. Unlike […]
Read moreA leasehold estate pertains to a lease in which the renter has the right to possess the leased property for a specific extended period of time. The lease that is signed by both the property owner and the tenant outlines the rights and obligations of both parties, giving the tenant temporary ownership-like rights to the property in question. A leasehold […]
Read moreIn all states, there is an unwritten promise, also known as “implied promise” that that residential property is suitable to live in. This means the landlord must ensure that the home they are renting or leasing out is compliant with all building codes, and he is responsible for making any repairs necessary to keep it in compliance. This implied warranty […]
Read moreAdverse possession is a principle of real estate law that allows a person who possesses land belonging to another person for an extended period of time, to claim legal ownership of the land. Each state has different statues and time elements required for adverse possession. When adverse possession is in place, it only pertains to the property that the person […]
Read moreAn easement is a legal right to occupy or use another person’s land for specific purposes. The use of the land is limited, and the original owner retains legal title of the land. A legally binding easement must be made in writing, the exact location stipulated in the property’s deed. Easements most commonly grant utility companies access for the purpose […]
Read moreThe Fifth Amendment to the U.S. Constitution forbids the taking of private property for public use without “just compensation.” The authority of Federal, state, and local governments to take private property for public use, providing just compensation to the owner, is called “eminent domain.” Real estate, or land, is not the only property subject to eminent domain law, but water […]
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