The definition of in rem in real estate is a legal case against a property rather than a person. The legal application of in rem in real estate is most often seen when a homeowner defaults on their mortgage and the bank forecloses on the property. In such cases, the court must be located in the same county as the property being prosecuted.
Example of in rem in real estate
Will is an ambitious software developer living in the heart of the Silicon Valley. After designing and selling the rights to a successful ride-sharing app, Will suddenly finds himself in the possession of a large sum of money. As many newly wealthy individuals often do, Will quickly bought an extravagant home in an affluent neighborhood.
However, things would not continue to go well for Will. The tech game is a cutthroat place, and those who don’t continuously innovate are rapidly left behind. As project after project fails, Will’s bank account shrinks further and further, and before long he is deep in debt, due to his lavish but unsustainable lifestyle.
Before long, the bank comes around looking for its monthly payment, and Will is unable to pay. The next month, the situation remains the same, and by the third month the house is marked for repossession. With his credit score at an all time low and nowhere to turn, Will packs up his belongings and leaves the house, unable or unwilling to face the consequences of his choices.
With Will nowhere to be found, the bank proceeds to file an in rem case against the property itself. With no objections, the case proceeds, and in a very short period of time the bank has foreclosed on the home. This is an example of how in rem is used in real estate.
Popular Real Estate Terms
An anticipatory breach of contract is the action that occurs when one party in the contract shows their intention to not fulfill their contractual obligations to the other party. The ...
Civil rights acts passed by the U.S. Congress includes those of 1866, 1870, 1871, 1875, 1964, and 1968. The first two acts gave blacks the rights to be treated as citizens in legal actions, ...
The right of a landowner to have lateral land support from adjacent properties. The right of lateral and subjacent support means that an adjacent land owner may not, for example, lower or ...
The return by owners of a property investment usually through a depreciation allowance. a clause in a contract permitting the prior owner of real estate to recover under certain ...
If you are involved with real estate, chances are you've come across the term "convey" or conveyance. But what does convey mean in real estate? This term is crucial whether you're buying, ...
The right to recover property taken away by foreclosure by paying the lender the total amount owed plus foreclosure costs. The right of a debtor in bankruptcy to recover personal ...
(1) Individual or business that is engaged to do some sort of construction work for another for a fee. There are basically three types of contracting: A general contractor enters into a ...
Divider made of plasterboard or plaster used to partition rooms. A room is created by the walls surrounding it. ...
The definition of a service fee or brokers fee in real estate is a flat fee paid to a real estate agent or broker in addition to the commission for the sale or purchase. This is to cover ...
Comments for In Rem
Looking for foreclosure properties.
Sep 22, 2024 16:50:55Hi Evelyn thank you for reaching out to us today. please click this link and view the agents we have in the area that would be happy to assist you. https://www.realestateagent.com/real-estate-directory/new-york-city_ny.html
Good Luck -- Have a Great Day!!!!
Oct 08, 2024 14:52:58On a land parcel map, what do the letters REM before the lot number mean?
May 27, 2021 20:07:26Hey Maia! Thank you for reaching out to us. The letters REM on land parcel maps are an abbreviation for "remainder areas". When a parcel is split into smaller lots, we can find that notation on the remaining area on each side of the lot in question, along with information about the remainder area. In older drawings that showed how the land was sectioned, remained areas were noted with "left" or "right", depending on which side of the lot they were. Nowadays, the notation changed to REM for any area left outside of a parcel lot, regardless of its position to the lot in question.
Jun 03, 2021 11:39:47Have a question or comment?
We're here to help.