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A tangible object or a right or ownership interest.
Usually a house or an automobile. Something that is owned. |
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| Also known as real estate;land and items growing on or permanently attached to that land. |
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| All property that is not real property |
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| Intangible assets, such as trademarks, copyrights and patents. |
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| A name, combination of letters or numbers, or logo that identifies a particular product. |
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| A mark used to identity a service-oriented business. |
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| An author or artist's right to control the use of his or her works. |
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| A right to exclude others from making, using, or selling one's invention. |
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| A formula or process that has not been partented and is known by a limited number of individual working for the company that uses it. |
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| An interest in or a title to real property. (Note that this term has a different mearning when used in probate matters) |
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| A right of title or ownership to real property that extends for life or some other indeterminate period of time. |
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| A right to use real property for a limited period of time. |
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JOINT TENANCY
(also known as joint tenancy with right of survivorship) |
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| Ownership by two or more persons who have equal rights in the use of that property. When a joint tenant dies, that person's share passes to the other joint tenant(s). |
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| Ownership by two or more people. When a tenant in common dies, that person's share passes either by will or by interstate statute. |
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| A provision in a deed that prohibits specified uses of the property. |
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| A right to use property owned by another for a limited purpose. |
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| An agreement in which the property owner gives someone else the right to use that property for a designated period of time. |
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| The owner of the property being leased |
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| The person with right of possession during the term the lease. |
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| The tenant's right to be free from interference from the landlord with respect to how the property is used. |
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| IMPLIED WARRANTY OF HABITABILITY |
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| A requirement that property be fit for the purpose for which it is being rented. Owners are required to repair and maintain the premises at certain minimum levels. |
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| An act by a landlord that makes the premises unfit or unsuitable for occupancy. |
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| To remove a tenant from possession of rental property |
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| A document that spells out the nature of the services a real estate agent will perform with respect to selling real property and how the agent will be compensated for those services. |
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| The money the buyer turns over to the real estate agent to be applied to the purchase price of property. |
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| An examination of documents recording title to the property to ensure the owner has a clear title. |
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| A lien or other type of security interest that signifies that some other party has a legitimate claim to the property |
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| A claim filed by a contractor or repair person who had done work on a building for which he or she has not been fully paid. |
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| A condensed history of the title, which includes the chain of ownership and a record of all liens, taxes, or other encumbrances that may impair the title. |
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| The legal document that formally conveys title to the property to the new owner. |
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| An itemized allocation of all the costs and moneys exchanged among the various parties, including financial institutions and real estate brokers, when a property is sold. |
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| An installament contract for the sale of land. |
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| A gift of real estate that is given to someone through a will |
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| The process by which a creditor who holds a mortgage or some other form of a lien on real property can force the sale of that property in order to satisfy the debt to the mortgage or lien holder. |
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| A clause authorizing a private for forclosure sale that does not require court action |
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| The power of government to take private property for public purposes. |
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| The amount of money the government must pay the owner of property it siezes through eminent domain. |
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| A transfer of real property rights that occurs after someone other than the owner has had actual, open, adverse, and exclusive use of the property for a statutorily determined number of years.. |
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| A temporary transfer of personal property to someone other than the owner for a specified purpose. |
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| The owner of the personal property that is being temporarily transferred as a part of bailment |
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| The party taking temporary control of the personal property during a bailment |
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| The total property of whatever kind, both real and personal, that a person owns at a time of his or her death |
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| The document used to express a person's wishes as to how his or her property should be distributed upon death |
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| When a person dies without a valid will |
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| A document that has been prepared on a word processor or typewriter and that has been properly signed by the testator and the required witnesses |
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| The person making a will to direct how his or her assets will be distributed at death |
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BEQUEST
(also known as Legacy) |
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| A gift of personal property in a will. |
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| A person appointed by the testator to carry out the directions and requests in his or her wall. |
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SIMULTANEOUS DEATH CLAUSE
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| A clause that states that if a person named as a beneficiary in the will dies within a short period of time after the decedent dies, it will be assumed for purposes of the will that the person in question failed to survive the decedent. |
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| A notarized affidavit, signed by the attesting witnesses, that may eliminate the need to call witnesses during the probbate process to attest to the validity of the will. |
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| A supplement or addition to a will that modifies, explains, or adds to its provisions. |
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LIVING WILL
(also known as a medical detective) |
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| A document expressing a person's wishes regarding the withholding or withdrawal of life-support or equipment and other heroic measures to sustain life if the individual has an incurable or irreversible condition that will cause death |
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| A legal relationship in which one party holds property for the benefit of another |
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DONOR
(also known as a grantor or settler) |
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| A person who creates a trust |
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| The person appointed to administer a trust |
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| The process of court supervision over the distribution of a deceased person's property |
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| ADMINISTRATOR/ADMINISTRATRIX |
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| A person appointed by the court to carry out the directions and requests of someone's will... |
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KINDRED
(also known as consanguinity) |
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| Persons related to the decedant by blood |
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| Persons related to the decedent by marriage |
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LINEAL HEIR
(also known as descedents or issue) |
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| Someone who is a grandparent, parent, child, grandchild, or great-grandchild of the decedent |
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| One who has the same ancestors, but does not descent from the decedent |
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one that is created before a persons death
Intervivos is Latin for "among the living" |
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PER STRIPES
(also known as right of representation) |
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| A method of dividing an interstate estate whereby a person takes in place of the dead ancestor |
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| A reversion of property to the state when there are no heirs. |
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