The process of obtaining a court order requiring a person or agency to hold funds owed to someone who allegedly is in debt to another party.
Refers to a grandparent giving gifts to a grandchild through a trust, skipping the grandchild’s parent in the process. Originally used as a tactic to avoid or defer federal gift or estate taxes, a generation skipping tax is now incurred if made through a trust, while standard gift taxes apply if made directly, without a trust.
A federal tax levied on gifts; some states also impose gift taxes. Gifts to family members may be given tax-free up to $10,000 per year per family member plus an additional $30,000 accumulation of gifts.
Good Faith Estimate
An estimate of closing costs that a lender is required, under the federal Real Estate Settlement Procedures Act, to disclose to a buyer within three days of a mortgage loan application.
A time stipulated in a contract during which a late payment or performance may be made without penalty.
Graduated Payment Mortgages (GPM)
Mortgages that begin with lower monthly payments that gradually increase over a number of years before eventually reaching a fixed rate and remaining there for the life of the loan.
Refers to the use of property as it was before certain restrictions or zoning ordinances were instated.
A transfer of from one title holder (the grantor) to another (the grantee), with or without payment, as a deed, of which there are two types. A grant deed warrants, or guarantees, that the grantor has full title and right to the property, while a quitclaim deed only grants what the grantor owns, which in some cases, could be nothing, and comes with no guarantee.
Free, or voluntary.
A Latin term meaning “to weigh down,” refers to the basic idea underpinning every claim or charge in a lawsuit complaint.
Reckless disregard for the safety of others that appears in the eyes of the law to be a conscious violation of other people’s rights to safety.