1. A statement whereby responsibility is rejected. Example: Abel, a certified public accountant, is asked to write up the financial statements of Baker without testing (auditing) the validity of the statements. Abel’s report provides a disclaimer in which he states that he did not examine the financial statements and does not accept responsibility for their accuracy. 2. Renunciation of ownership of property. Example: Because they were no longer profitable, I claimed apartments that had become dilapidated.
A statement required by law in which the sellers of specific types of real property or under certain circumstances must reveal specified information to potential buyers.
The legal right of a landlord to obtains a court order to seize a tenant’s personal property to satisfy payment of back rent. Example: Abel is 6 months in arrears on rent. Landlord Baker obtains a court order to seize Abel’s furniture to satisfy the rent due. Baker is exercising his right of distraint.
The act of causing pressure or stress on a person by assuming possession of a tenant’s chattels, personal property, by a landlord in order to satisfy in whole or in part a claim for rent in arrears. Also know as distrain.
One who receives part of the property of a person who died intestate.
The division and transfer of the property of a decedent.
A city area with a land use different from that of adjacent areas like commercial, industrial or residential areas.
A tax that applies on all transfers of real property located in a county. A notice of payment is entered on face of the deed or on a separate paper filed with the deed.
The written legal real estate instruments such as mortgages, contracts, deeds, options, wills and bills of sale.
A place where a person has his true, fixed, permanent home and principal establishment and the place where he has the intention of returning whenever he is absent. See Primary residence.
