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
Right to an item belongs to the public at large so anyone can use it. An example is a real estate software program that is publicly available by an electronic bulletin board service. ...
Legal dictate that must exist for property to be owned as joint tenants. ...
transfer of real property by legal means such as through inheritance. ...
Among other things. Inter alia is an ancient method of referring to statutes without reciting all of their provisions. ...
List of architectural design items needing to be corrected and resolved prior to finalizing a building design. ...
Not sure about something such as suspecting the truthfulness of statements made by a real estate agent. Stipulation in a deed giving the grantor some retained privilege or right in the ...
Financial standing of a debtor as a basis to pay obligations. ...
The total expenditures required to make a locality suitable for the designated purpose. An example is how much it would cost to build a shopping center on a lot. ...
The assessment sales ratio is a way of measuring the accuracy of a property’s assessed value when compared to the property’s selling price. This measurement gives the ...
Have a question or comment?
We're here to help.