Prescription
Definition of "Prescription"
Method to obtaining title to property through open, notorious, adverse, and continuous use of the property for a statutorily prescribed period of time. For example, Jack openly and continuously occupies an abandoned home. Eventually it is ruled that he has acquire title to the property through prescription.
Popular Real Estate Terms
Latin for pending the suit. A suit which is actually in progress and the outcome is pending. ...
The broad use of credit to purchase a security. ...
Person who leases rented premises from the initial lessee. The sublease is for a time not exceeding the original lease period. ...
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Examining and testing the ground to determine the conditions for building something, such as an office building. ...
A portion of a real estate company's assets financed with debt instead of equity. It involves interest an principal obligations. Financial leverage is beneficial to real estate investors ...
lender who charges an exorbitant interest rate, which is typically illegal because it exceeds the interest rate allowed in the state. A borrower may go to a loan shark if he cannot obtain ...
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Same as term plat book: Listing of all of the plats of subdivided plots in a jurisdiction showing the location, boundaries, and plat owners. A plat book normally shows other improvements ...
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