Definition of "Legasy"
A gift by will of real property.
- Absolute legasy: An unconditional and immediate gift.
- Conditional legasy: The bequest of a gift depends on the occurrence of something happening. For example, the beneficiary will receive the gift upon becoming married.
- Contingent legasy: A legasy dependent upon the passage of time period such a person reaching the age of 21. A contingent legasy is tied to an event transpiring.
- Specific legasy: A specific bequest for a beneficiary. For example, a beneficiary is designated to receive a certain piece of land.
Popular Real Estate Terms
Category of property zoning that designates property to be used for industrial purposes. Industrial zoning allows manufacturing, research and development purposes, factory office and ...
Interior furnishings included in a model unit. Model furnishings are chosen to highlight the features of the model unit often having an interior decorator assist in the design and choice of ...
In real estate and across the nation, you will see different types of house structures, frames, and aspects. One of those is the A-frame type. This is an architectural style that leans ...
A two-by-four used for wall resilience and partitioning. Studs rest on it. ...
The right to demand that title be conveyed upon payment of the purchase price. ...
History of an individual's credit financial transactions including a detailed payment analysis. The creditor history is critical for performing a credit analysis to develop a credit rating. ...
Expert in real estate who has an education in real estate appraisal as well as having significant professional experience. A recognized license may be obtained from the Member Appraisal ...
A lease having two or more joint lessees who share a common liability with a lessor. Under a joint and several liable lease the lessor may demand the full terms of the lease from one or all ...
Site where mobile homes are located. Mobile home parks are often mandated by municipal zoning laws. They provide necessary utilities to the mobile homes often including recreational ...
Have a question or comment?
We're here to help.