The bank of a stream or river channel located to the left as one faces in the direction of the current (downstream).

Terms, Definitions, and Concepts: Geography, Hydrology, Science, Water

The practice of adjoining landowners meeting at mid-point of a common partition fence and agreeing that one landowner will maintain the partition fence to the right of the midpoint and the other owner will maintain the fence to the left.

A description which is complete enough that an independent surveyor could locate and identify a specific piece of real property

A description in legal (survey) terms the land to which title is given.

An interest in real property held for the life of the life tenant or of another person, involuntarily created through operation of law following the occurrence of certain events such as marriage or the purchase of a home. The three primary types of legal life estates are dower and curtesy, both of which are created marriage; and homestead exemptions, which are created by purchasing a home as a primary residence.

In some states in the United States a property owner must file a notice that a qualifying event has occurred in order for a legal life estate to be created. This is usually the only action necessary on the part of the owner to form a legal life estate. In other states, no action is necessary and the estate is created automatically.

See also dower, curtesy, and homestead.

That notice which is either implied or required by law. Constructive notice under the recording laws is also referred to as legal notice.

The maximum interest rate permitted bylaw, with anything above that rate being usury

Definition: Funds that an institution with fiduciary or financial responsibility is required by law to maintain in reserve (e.g., a bank, insurance company, stockbroker, etc.).

Terms, Definitions, and Concepts: Finance and Investment, Legal (Law)

Definition:
Lease or rental interests in real property. Holders of leasehold interests (tenants or lessees) have exclusive permission to possess, use, and occupy real property owned by the landlord (lessor) for a specified period of time, in accordance with local laws and the terms of the lease agreement, and in return for some sort of consideration. Leasehold estates do not constitute legal ownership of real property; rather, they are the personal property of the tenant. The four primary types of leasehold estates are estate (tenancy) for years, estate from period to period (periodic tenancy), estate (tenancy) at will, and estate (tenancy) at sufferance.
Same as Leasehold estate.


Terms, Definitions, and Concepts: Real Estate, Title and Title Insurance, Appraisal, Auction, Legal (Law), Management

The person to whom property is rented or leased; called a tenant in most residential leases

The person who rents or leases property to another. In residential leasing, the lessor is often referred to as a landlord.

An agreement or commitment by a bank ( issuer ) made at the request of a customer ( account party )that the bank will honor drafts or other demands of payment from third parties ( beneficiaries ) upon compliance with the conditions specified in the letter of credit.

An expression of intent to invest, develop or purchase without creating any firm legal obligation to do so

A levee, also known as a dike or flood-wall, is a natural or man-made flood-control structure usually consisting of a wall or mound of earth (sometimes rock or stone) running generally parallel to a river or other drainage channel, or along ocean frontage. Levees help to contain floods within the channel by raising the height of the riverbank, thereby allowing the channel to hold a greater volume of water before flooding begins. Levees are also used to protect low-lying land near the ocean that has been reclaimed by pumping and dredging then developed, as in the coastal areas of Louisiana (United States).

A mortgage which is scheduled to be repaid in equal periodic payments which include both principal and interest

The use of borrowed funds to purchase investment property with the anticipation that the property acquired will increase in return so that the investor will realize a profit not only on his own investment, but also on the borrowed funds; the employment of a smaller investment to generate a larger rate of return through borrowing

1. Revocable, non-transferable permission to use the property of another for a specific purpose.
2. a. Legal authorization to perform or engage in certain specific acts (e.g., real estate license, driver's license, business license, etc.)
b. A document or permit that provides evidence of such authorization or permission.

A person who has a valid license. A real estate licensee can be a salesperson or a broker, active or inactive, an individual, a corporation, or a partnership.

A symbiotic relationship between fungi and algae; fungi provide the structure, algae supply food through photosynthesis

A charge or claim which one person (lienor) has upon the property of another (lienee) as security for a debt or obligation. Liens can be created by agreement of the parties(mortgage) or by operation of law (tax liens).

A freehold estate in real property in which the interest in the property is held until the death of the owner or some other person specified by the grantor of the estate. Unlike other freehold estates, life estates cannot be inherited by the heirs of the grantee. Transfer of property ownership following the end of a life estate occurs according to the provisions stipulated by the grantor. There are three types of life estates: legal life estates, conventional life estates, and estates pur autre vie (technically a type of conventional life estate).

Definition:
An interest in real property held for the life of some person other than the life tenant (pur autre vie is French for "for the life of another"). A life estate pur autre vie (also known as pour autre vie) is a form of conventional life estate wherein the duration of the estate is measured not against the life of the life tenant, but against the life of another person specified by the grantor of the estate. A life estate pur autre vie is the only life estate that has a right of inheritance: during the life of this other person against whose lifespan the duration of the estate depends, the life tenant's heirs may inherit the property. Once the "other person" is deceased, this right of inheritance ends.


Terms, Definitions, and Concepts: Real Estate, Legal (Law), Title and Title Insurance, Management

The owner or holder of a conventional life estate (or an estate pur autre vie). The life tenant holds a right or interest in the property until his or death, or in the case of an estate pur autre vie, until the death of some other person specified by the grantor of the estate.

Also sometimes referred to as "tenant for life".

A sub-category of industrial zoning that allows some industrial and manufacturing activities, but usually prohibits activities associated with relatively high levels of pollution, such as smokestacks or large amounts of truck, train, or ship traffic.

That special class of common elements in a condominium reserved for the use of a certain apartment(s) to the exclusion of other apartments