Limited Liability
Definition of "Limited liability"
A liability that does not go beyond the owner's investment in a real estate business. A corporation and limited partners have this benefit. The stockholders of a corporation usually have limited liability; they risk only their investment in the business. Sole proprietors and general partners have unlimited liability.
Popular Real Estate Terms
The term action in personam is used mostly in legal proceedings because Roman law heavily influenced our judicial system. Many terms used in law have their roots in Roman law, not only this ...
Something that is illegal. An example is an unenforceable debt because it has exceeded the statute of limitations. ...
Same as term higher and best use: Use of a parcel of land that will produce the greatest current value. ...
Balcony or low ceiling overhang just above the main floor and between the next story. In a theater, a mezzanine is the first balcony above the stage. ...
Sometimes a landlord agrees to implement within the rent contract the possibility of the tenant buying the house at a certain price, by a certain date. It’s what’s called in the ...
Roof with one side that is at a sloped angle. ...
Right of an individual to be offered something before it is offered to others. For example, a tenant whose apartment is going to be converted to a cooperative has the first right of ...
Principal highway designed to divert traffic around a major urban area in order to limit congestion and expedite traffic flow. A belt highway is connected to the urban area by main highways ...
New cost less accumulated depreciation to date. ...
Have a question or comment?
We're here to help.