Definition of "Bylaws"
Regulatory rules that have to be followed by the organization in conducting its activities.
Popular Real Estate Terms
Right to substantive real or personal property having tangible body and form. For example, a corporeal right to a house, property, furniture, or fixtures. ...
To have a debt is to owe someone something. A debt may be a service, may be money or goods. May even be of gratitude. In the finance world, however, it usually is a way that institutions ...
Insurance protection for the replacement cost of damaged property. Thus, the accumulated depreciation is not subtracted in determining the amount of reimbursement. ...
The term apartment is used when referring to a type of residential unit that is self-contained and occupies only a part of the building. Through self-contained, we understand that the ...
lender who charges an exorbitant interest rate, which is typically illegal because it exceeds the interest rate allowed in the state. A borrower may go to a loan shark if he cannot obtain ...
Lien which is over and above a first lien. A second lien is subordinate to the first lien and can be satisfied only after the initial lien is satisfied. ...
Functional utility in real estate typically defines a property’s usefulness to the homeowner or lessee. The more purposes it can fulfill, the better. For instance, you can call a ...
Litigation undertaken to obtain or maintain possession of real property. ...
Municipal ordinance stating the distance from a curb or property line where the building of a structure is prohibited. Also states the distances from a boundary line where construction is ...
Comments for Bylaws
I purchased a lot in a community that has a restriction one breaking up partials of land that I wasn't aware of. What are my options now? and what am I liable for?
Oct 30, 2018 16:30:48Ed, we suggest you talk with a real estate lawyer. Maybe the laws of your city do require that the home seller discloses that information and, if that's the case, maybe you can have the money back or make him/her responsible for whatever fees should that be the case. But find a LOCAL real estate lawyer to better inform you. Good luck!
Oct 30, 2018 16:35:52Who is bound by real estate community restrictions, buyer or seller?
Oct 30, 2018 10:33:43Hey Ed,
Anyone who lives within that community is bound by its restrictions, so, in a way, both. Once the seller leaves the community he or she is no longer bound to those restrictions. Once the buyer becomes a resident, he or she becomes bound by its restrictions.
Oct 30, 2018 15:13:06Have a question or comment?
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