Legal Terminology: Amenity
An amenity is any attribute of a property that adds to its value. This may be concrete items, such as a pool, or incorporeal ones, such as a pleasant neighborhood. … Continue reading
Legal Terminology: Bankruptcy
Bankruptcy is a legal status, issued by a court of law, to certain individuals or businesses that admit they cannot meet their financial obligations. At this point, the legal system … Continue reading
Legal Terminology: Certificate of Title
A certificate of title is the paperwork that indicates the current owner or owners of a piece of property, such as a building, car or boat. It must include identifying … Continue reading
Legal Terminology: Closing
In real estate terms, ‘closing’ is the final stage is a sale agreement, where the property passes from one owner to another. This is usually marked by signing the contract … Continue reading
Legal Terminology: Condemnation
Condemnation is, in real-estate legal terminology, used to indicated a property that has been seized by a government for one reason or another. Also called compulsory purchase or acquisition, … Continue reading
Legal Terminology: Conversion Clause
A conversion clause in a mortgage agreement allows the mortgage to be converted from one type to another, typically from a variable rate mortgage to a fixed rate mortgage. … Continue reading
Legal Terminology: Co-signer
In its simplest form, a co-signer simply means someone who signs at the same time. However, as the term is usually only used in terms of contract law, a co-signer … Continue reading
Legal Terminology: Covenant
A covenant is a contractual agreement to either do or not do a particular action. It is a somewhat archaic term for a solemn and binding agreement. The term … Continue reading
Legal Terminology: Deed
A deed is a legal document that imbues the recipient with certain, specified rights or responsibilities. The most commonly used deeds are deeds of sale, transferring the right of ownership … Continue reading
Legal Terminology: Deed-in-Lieu
The legal phrase ‘deed-in-lieu’ is a short form of ‘deed in lieu of foreclosure’. It is a legal document in which the owner of a property transfers that property to … Continue reading
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