Legal Terminology and Law Definition of Real Estate Law

foreclosure sale
When a homeowner is about 60 days past due on his/her mortgage payment, the lender (bank) might want to repossess the house to satisfy the outstanding debt. A Notice of Default is sent to the homeowner and that is how the foreclosure begins. After receipt of a Notice of Default a homeowner has certain time to pay the amount owed to the bank, or may … Full Definition »
Law topic: Commercial Real Estate << Legal issue: Real Estate Law
joint tenancy
an ownership of a parcel of real property by more then one person. In most states the language of the deed must specifically state that the title is held by joint tenants. To create a valid joint tenancy all joint tenants have to obtain their interest at the same time and by the same deed; all joint tenants have to have equal ownership interest in the … Full Definition »
Law topic: Commercial Real Estate << Legal issue: Real Estate Law
judicial foreclosure
A judicial foreclosure is a court proceeding that starts when a lender (the bank) files a lawsuit against the defaulted mortgagor to establish the amount of default and the right of a lender to sell the house/apartment and satisfy the outstanding debt. After a lawsuit has been filed, the lender files a "lis pendens" (lawsuit pending notice) with the county … Full Definition »
Law topic: Commercial Real Estate << Legal issue: Real Estate Law
landlord
a person who owns real property and rents or leases it to another, called a "tenant." See also: lease lessee lessor rent tenant; Landlord is also called a “lessor” of rental property. Landlord essentially allows a tenant to live and use his house, an apartment, or a commercial building, in exchange to monthly or yearly payments. … Full Definition »
Law topic: Commercial Real Estate << Legal issue: Real Estate Law
landlord's lien
a lien on a tenant's property for the satisfaction of unpaid rent or property damage; the landlord is given the status of a preferred creditor with regard to the tenant's property … Full Definition »
Law topic: Commercial Real Estate << Legal issue: Real Estate Law
mortgage
\ ˈmɔː.gɪdʒ \ "Mortgage" or "Lien" includes deed of trust, vendor ’s lien, chattel mortgage, mechanic ’s, materialman ’s or laborer ’s lien, judgment, attachment or garnishment lien, pledge by hypothecation, and Federal or State tax liens. (CHAPTER I, Sec. 3.) … Full Definition »
Law topic: Mortgages << Legal issue: Real Estate Law
private property
land not owned by the government or dedicated to public use. See: Presonal Property … Full Definition »
Law topic: Commercial Real Estate << Legal issue: Real Estate Law
tenancy by the entirety
is a special type of joint ownership of real property that is available to husband and wife only. Joint tenants with right of survivorship have equal rights in the property, and if one spouse dies the other spouse receives the title to the whole parcel. … Full Definition »
Law topic: Commercial Real Estate << Legal issue: Real Estate Law
tenancy in common
a type of tenancy where more than one person own interest in a piece of real property. The interest of each owner does not have to be equal. The deed that created tenancy in common may or may not state the shares of each tenant in common. It the deed is silent as to percentage of ownership the parcel is considered to be owned equally by all of the … Full Definition »
Law topic: Commercial Real Estate << Legal issue: Real Estate Law
tenants by the entirety
Is a type of tenancy available only for married couples. Husband and wife each own the undivided whole of the property, so upon the death of one of the spouses, his/her share goes directly to the surviving spouse. A person that owns interest in a house as a tenant by the entirety may not freely dispose of that interest by will, or give away his/her … Full Definition »
Law topic: Commercial Real Estate << Legal issue: Real Estate Law
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landlord
a person who owns real property and rents or leases it to another, called a "tenant." See also: lease lessee lessor rent tenant; Landlord is also called a “lessor” of rental property. Landlord essentially allows a tenant to live and use his house, an apartment, or a commercial building, in exchange to monthly or yearly payments. … Full Definition »
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