Joint And Several Liability
Definition of "Joint and several liability"
Two or more people have a legal duty that can be enforced against them by joint action, against all members, and against themselves as individuals. For example, a bank can require repayment from any and all of those who have borrowed to buy real estate property. each borrower is responsible for the entire debt, not only the percentage share.
Popular Real Estate Terms
The right to deviate from the use of land prescribed by an existing zoning ordinance. ...
Two or more parties agree to something. An example is when the two parties to a contract mutually agree to make certain revisions to it. ...
Value of property is reduced form usage oven time. The problem is worsened when repairs and maintenance have not been made. ...
The units are used as commercial offices. The purchaser of an office condominium owns the title to the individual office unit and not to the property. Maintenance fees are assessed to each ...
Created by the US Congress in 1965, the Department of Housing and Urban Development (HUD) is the agency principally responsible for federal programs relating to housing and urban ...
(1) Agreement to sell real estate with a pre-arranged reverse but at an established price. This may not be legal in some instances, and any resulting losses may not be tax deductible. (2) ...
" A metal plate attached to the lower end of a door to prevent marring from people "kicking" the door in order to open it. A metal plate mounted on the open edge of a stairs platform." ...
Surface level of water. ...
Governmental body having the responsibility for planning the future development of a jurisdictional area. A planning commission is responsible for developing and managing a zoning ordinance ...
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