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
The definition of option explains the term as something that can be chosen in spite of having multiple other alternatives. It could be an option for food, which shows a preference for one ...
U.S. law making it illegal to discriminate when giving credit based on factors such as race, religion, color, age, national origin. A lender must respond to credit applications within 30 ...
Tax-free exchange that allows a seller two years after escrow closes on his former principal personal residence to buy like-kind property and defer taxes. Profits from the sale of a ...
Government program of providing low interest rate mortgages to low-income qualified buyers. In the tandem program, the Federal National Mortgage Association (FNMA) purchases low interest ...
Way to determine the capitalization rate of income property for valuation purposes by weighting the rate of interest and source of financing in percentage terms. ...
Determination made concerning the motivation of a testator in making devises of the will. A will can be contested if it can be proved the testator did not have rational motives when ...
Statement made by a person that is not in writing. An example is an oral representation made by a real estate broker to a prospective buyer of property. ...
Measures looking at the past, current a future direction of the economy. They may have an impact on the real estate market. Each month government bodies, including the Federal Reserve ...
A lien which is secondary to a senior lien and cannot be paid until the senior lien is satisfied. ...
Have a question or comment?
We're here to help.