Actual possession refers to the physical control or occupancy of a property, distinct from legal ownership, where a person or entity exercises real custody or control over a property.
An attachment is a legal seizure of property to force payment of a debt. It occurs when a court issues an order allowing a creditor to take possession of a debtor's property as a means to secure payment of a monetary judgment.
The term 'attorn' refers to the legal act of transferring or turning over money or property to another party, often used to describe a tenant recognizing a new property owner as their landlord. This can occur during the sale or transfer of leased commercial or residential properties.
A business day is a standard day for conducting business and excludes weekends and public holidays. Business days are crucial for determining deadlines in contracts and other formal agreements.
A Cancellation Clause is a provision within a contract that grants the right to terminate the agreed-upon obligations upon the occurrence of specified conditions or events.
Clawback provisions in laws or contracts limit or reverse a payment or distribution for specified reasons, ensuring financial fairness and compliance.
A 'Covenant Running With The Land' is a legal stipulation imposed on property that binds current and future owners to adhere to specified restrictions or obligations. These covenants are usually included in property deeds and remain in effect even as the land changes ownership.
Curtesy is a legal term referring to the right of a husband to all or part of his deceased wife's real estate, regardless of the provisions in her will. This right traditionally exists to ensure the husband's financial stability after his wife's death.
A defendant is the party being sued in a court of law or accused of an offense in a legal action.
Direct damages refer to the compensation paid by a government entity for the value of land and improvements taken through eminent domain proceedings. It contrasts with indirect damages and severance damages.
Discharge in Bankruptcy refers to the release of a bankrupt party from the obligation to repay debts that were, or might have been, proved in a bankruptcy proceeding.
Due Care refers to the standard of conduct that is expected from a reasonable and prudent person in a given situation. It imposes a duty to act as a reasonably careful person would under similar circumstances.
A negative easement is the right to prevent the owner of a property from using it for specific purposes. This is in contrast to an affirmative easement, which allows the holder to make use of the property for a specified purpose.
An abbreviation of the Latin phrase 'et alii,' meaning 'and others,' commonly used in real estate documents to reference multiple owners or parties involved.
An abbreviation of the Latin term et uxor, meaning 'and wife.' Commonly used in legal documents to indicate that a husband and wife are both parties to a contract, agreement, or deed involving real estate.
An Executrix is a woman appointed by a will or a legal document to execute the last wishes and directives of the deceased, handling the distribution of the estate and ensuring all legal and financial responsibilities are met.
An express contract is a written agreement that clearly outlines the elements needed for a valid contract and specifies the terms of the agreement. This differs from an implied contract, which is formed based on the actions and circumstances of the parties involved.
Force majeure refers to an inevitable or unforeseeable event beyond the control of a contractual party, which prevents the performance of contractual obligations, often included in contracts as a protective clause to release the affected party from liability due to non-performance or delayed performance.
The habendum clause is a section of a deed or lease agreement defining the interest and rights to be enjoyed by the grantee or lessee. It typically starts with the words 'to have and to hold,' followed by particular conditions or limitations to the estate granted.
In perpetuity refers to an indefinite duration, often used legally to describe rights that are permanent or last indefinitely.
Indirect damages, also known as consequential damages or severance damages, refer to losses that do not flow directly and immediately from an act but are a consequence of the initial act. These are often distinguished from direct damages, which are the immediate and obvious losses.
In the realm of real estate, 'irrevocable' refers to a commitment or agreement that cannot be changed, withdrawn, or undone once it is established. This term is commonly used in the context of legal and financial documents where permanence is crucial.
Joint and several liability is an obligation that allows a creditor to demand full repayment from any or all of those who have borrowed. Each borrower is liable for the entire debt, not just a prorated share.
A judgment creditor is an entity that has received a court decree or judgment entitling them to collect a debt owed by the judgment debtor.
A life tenant is an individual who holds the right to use, occupy, and control a property for the duration of their own life or the lifetime of another specified individual.
The mutual agreement and understanding between parties regarding the terms and conditions of a contract, ensuring all involved parties share a common interpretation and consensus.
An unintentional error made in preparing a contract; may be corrected by mutual consent of all parties without voiding the contract.
Null and void refers to a term applied to contracts or provisions within contracts that cannot be legally enforced due to non-conformance with the law.
An offeror is an individual or entity that presents or extends an offer to another party in a real estate transaction. This term is crucial in contract law as it denotes the party who initiates the contractual agreement.
A plaintiff is the person or party who initiates a lawsuit by filing a complaint with the court against the defendant, seeking legal remedy.
The term 'premises' in real estate refers to land and tenements; an estate; the subject matter of a conveyance.
Procuring cause is a legal term used primarily in real estate to determine if a broker is entitled to a commission. It signifies the actions of a broker that ultimately lead to the creation of a transaction or agreement.
A Remainderman is the individual who is designated to inherit or receive possession of a property after the termination of the preceding estate, typically after the death of a life tenant.
Rescind refers to the withdrawal or cancellation of an offer, contract, or agreement before it is fully executed. This term is notably applicable in various legal and real estate contexts, offering a means of nullifying transactions under specific conditions.
The Right of First Refusal (ROFR) grants a party the opportunity to match the terms of a proposed contract before it is executed with an outside party.
Tacking, in the context of real estate, refers to the process of adding successive periods of possession together to establish a continuous period required for a claim of adverse possession.
The phrase 'Time Is of the Essence' in a contract requires that all time-related provisions must be strictly adhered to, emphasizing that any delays could be a breach of contract.
A 'To Have and to Hold Clause,' also known as a Habendum Clause, is an essential part of real estate deeds that defines the extent of ownership and rights transferred in the transaction.
A vendee is a party, typically in real estate transactions, that buys property. This term is specifically used in real estate contexts and contrasts with the term 'buyer,' which is commonly used for personal property transactions.
In the context of real estate, a `void` agreement means that it has no legal force or effect and is unenforceable from the outset. A void contract does not legally bind any of the parties involved and is treated as if it was never entered into.
Voluntary Alienation is a legal term that describes the transfer of property rights through the free will of the property owner, typically by sale or gift.
A waiver is the voluntary renunciation, abandonment, or surrender of a claim, right, or privilege, often formalized through a written statement. In real estate, waivers are commonly used to relinquish specific rights or stipulations within contracts or agreements.
WASTE refers to property abuse, destruction, or damage caused by a possessor that goes beyond normal wear and tear, affecting the rights and interests of other stakeholders in the property. This is often addressed in mortgage or lease contracts, as well as in life estates.
