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 continued and illegal occupancy of property after a legal period of occupancy has expired. In an estate at sufferance the tenant occupies the property at the sufferance of property ...
Traditional style borrowed from the British Georgian architecture in the American colonial period. Colonial architecture usually has two stories emphasizing window detail and shutters. ...
In the real estate industry, several professional designations can be awarded to real estate professionals. These professional designations provide real estate professionals with the ...
Ownership of property by two or more people in undivided interests, without the right of survivorship. Each coowner's interest may be conveyed separately by its owner. Tenancy in common ...
The definition of abatement is a reduction of penalties or a tax deduction for individuals or businesses. It can often be accessed upon an overpayment of taxes, if the company or individual ...
Portion of a deed that states the act and date of the transfer of the property. ...
An interim or provisional court decree, which is not final and can be reversed or amended, normally issued to direct additional proceedings prior to issuing a final decree. For example, an ...
A knowledgeable person authorized to aid in the underwriting of property and casualty insurance. ...
A written document terminating the terms of a lien through payment of all financial obligations. A lien release is given by the lienor, the one holding the lien, to the lienee, individual ...
Have a question or comment?
We're here to help.