A down payment made in good faith by a prospective buyer to demonstrate the buyer’s willingness to purchase a property.
The right to use land that is the legal property of another owner.
Effective Interest Rate
The actual rate of interest on a loan.
A Latin term meaning “of the same kind,” used in cases where specific persons or things (such as automobiles, trucks, and motorcycles) are listed in a statue and then a general term is applied (such as “vehicles”), it is presumed that the general term (“vehicles”) only applies to land-based motor transportation, not boats or aircraft, for example.
The theft of funds or other property from an employer, company, or governmental agency, or the act of misappropriating money or other assets that have been held in trust.
The power of a government, whether federal, state, county, city, school or hospital district, or any other agency, to seize privately held property for public use after paying the owner fair market value for the property, with or without permission of the owner.
The salary, wages, and benefits paid for employment or for an office held.
A structure or improvement that unlawfully extends across a legal property line onto the property of another owner.
Any claim, lien, liability, or right held on a real estate title by someone other than the owner.
The difference between fair market value of a property and any loan secured against the asset, for example, a home mortgage.
A provision in a contract that allows a party to avoid liability for reasons specified within the contract.
The right of government to seize property owned by an individual who dies without leaving a valid will or qualified heirs.
Usually, refers to documents, funds, or other property held by an impartial third party until all conditions of a transaction between two parties have been met.
All property belonging to a particular owner.
The administrator of an estate, either named in a will or designated by a court, in the event that no executor has been named.