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
Written agreement in which the lessee pays rent to the lessor for the use of real property for a stated time period. An example is the tenant's rental of an apartment or office space. ...
Invests in rental property but does not manage that property. ...
Ownership in property by two or more persons at the same time. ...
Same as term resale proceeds: Net amount received when property is sold. It equals the selling price less outstanding mortgage balance less all costs incurred in connection with the sale. ...
Type of flooring, made up of tiles of colored stone or marble that is set in concrete. ...
An organized group of ethical behavior guidelines governing the day-to-day activities of a profession or organization. ...
Map that shows the location and boundaries of individual properties. ...
The bonus depreciation definition refers to a tax incentive that allows a business to accelerate the depreciation deduction in the year when the asset is purchased and placed into use. The ...
A prefabricate house constructed in a factory with final assembly and erection on site. Because of economies of scale and modern factory production techniques, modular housing is ...
Have a question or comment?
We're here to help.