In real estate, default refers to the failure to fulfill an obligation or promise, or to perform specified actions as agreed upon in a contract. This term is frequently used in scenarios involving mortgages or leases where the borrower or tenant fails to meet the terms agreed upon.
Legal residence, also known as domicile, refers to the place where an individual has their permanent home or principal establishment and to where, whenever they are absent, they intend to return. It plays a crucial role in determining tax responsibilities, voting rights, and other legal and financial obligations.
An obligee is the person or entity in whose favor an obligation is entered into and who has the right to demand the fulfillment of that obligation from the obligor.
Private covenants, often referred to as deed restrictions, are legal obligations imposed in a deed that restrict the use or activities that may be conducted on property. These covenants are designed to maintain a certain level of standard or uniformity within a development area or neighborhood.
