Summary Possession
Definition of "Summary possession"
Act of actual eviction or removal of a lessee from a property. The eviction may be either voluntarily through due process of law or involuntarily by force. This generally occurs when a lease is violated by a lessee for nonpayment of rent.
Popular Real Estate Terms
Beam, girder, or truss with the top portion being in the shape of a bow and the bottom portion being straight across and connecting both ends of the top portion. ...
Principle stating that all joint tenants must acquire their interest from the same deed or will. ...
Ability of the size of the land to accommodate the desired economic purpose. An example is having enough space to build a supermarket to meet the needs of the community. ...
A public officer given the right to authenticate a document, accept a person's oath, administer depositions, and to conduct other activities in commercial business. An official seal is used ...
A loan that is to be replaced by a permanent loan. ...
Real rate of interest on a loan. It is the coupon rate divided by the net proceeds of the loan. Assume Sharon took out a $1,000,000, on year, 10% discounted loan to buy real estate. The ...
An estate which descends to heirs in perpetuum. In an estate of inheritance, the current tenant not only has the right to enjoy the property for life, buy his or her tenancy rights pass to ...
Decline in value of real estate property because it is near something which is damaging to its worth. For example, a house located next to a pollution treatment center, drug center, or ...
Early American frontier-style house constructed of logs. Since finished lumber was not readily available during the early frontier period of American history, homes were often fashioned out ...
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