Possession
Holding and controlling property. It includes not only custody but also having some legal right. An example is occupying real property and enjoying its benefits.
Popular Real Estate Terms
Parcel of land that is totally surrounded by other land parcels not providing access to a highway. ...
Same as term soil porosity: Extent to which soil has cavities or pores, thereby allowing water to pass through. ...
Title leaving no question as to who the owner is. It is the title which a reasonable buyer, knowledgeable of the facts and their legal implications and acting in a reasonable manner, would ...
Actual notice to one or more individuals to cease and desist from performing a particular action. For example, a homeowner begins constructing several new rooms onto an existing house ...
Any real estate owner is aware that assets depreciate over time. So exactly what is accumulated depreciation then? As depreciation happens to every asset, whether it is a three-story ...
(1) An arrangement to buy real estate at a specified price and conditions. The failure to honor the commitment may result in damages. (2) Bank commitment to lend money in connection with ...
The term acknowledgement refers to an act, deed, declaration, or an expression of appreciation, but it also refers to accepting or recognizing something. The definition of acknowledgement, ...
The first mortgage on property when other mortgages exist as well, as in the case of a wraparound loan. For example, the total amount financed might be %200,000 of which the first lien is ...
The spouse's legal right, upon the death of his wife (or her husband), to a life estate in all lands she (or he) owned. ...
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