The final transfer of the ownership of a house from the seller to the buyer, which occurs after both have met all the terms of their contract and the deed has b... (more...)

The final transfer of the ownership of a house from the seller to the buyer, which occurs after both have met all the terms of their contract and the deed has been recorded.

HOME WARRANTY

A service contract that covers a major housing system--for example, plumbing or electrical wiring--for a set period of time from the date a house is sold. The w... (more...)

A service contract that covers a major housing system--for example, plumbing or electrical wiring--for a set period of time from the date a house is sold. The warranty guarantees repairs to the covered system and is renewable.

APPRECIATION

An increase in value. Appreciated property is property that has gone up in value since it was acquired.

ADVERSE POSSESSION

A means by which one can legally take another's property without paying for it. The requirements for adversely possessing property vary between states, but usua... (more...)

A means by which one can legally take another's property without paying for it. The requirements for adversely possessing property vary between states, but usually include continuous and open use for a period of five or more years and paying taxes on the property in question.

INHERITORS

Persons or organizations who receive property from someone who dies.

SEVERABILITY CLAUSE

A provision in a contract that preserves the rest of the contract if a portion of it is invalidated by a court. Without a severability clause, a decision by the... (more...)

A provision in a contract that preserves the rest of the contract if a portion of it is invalidated by a court. Without a severability clause, a decision by the court finding one part of the contract unenforceable would invalidate the entire document.

BEQUEST

The legal term for personal property (anything but real estate) left in a will.

SEVERANCE PAY

Funds, usually amounting to one or two months' salary, frequently offered by employers to workers who are laid off. No law compels employers to provide severanc... (more...)

Funds, usually amounting to one or two months' salary, frequently offered by employers to workers who are laid off. No law compels employers to provide severance pay, although the employer may be legally obligated to do so if it was promised in a contract or employees' handbook.

INURE

To take effect, or to benefit someone. In property law, the term means 'to vest.' For example, Jim buys a beach house that includes the right to travel across t... (more...)

To take effect, or to benefit someone. In property law, the term means 'to vest.' For example, Jim buys a beach house that includes the right to travel across the neighbor's property to get to the water. That right of way is said, cryptically, 'to inure to the benefit of Jim.'

SAMPLE LEGAL CASES

CINCINNATI INS. v. MOTORISTS MUT. INS.

... I. INTRODUCTION. This case requires us to decide whether a claim of defective construction against a homebuilder is, standing alone, a claim for property damage caused by an "occurrence" under a commercial general liability (CGL) insurance policy. ...

King Drugs, Inc. v. Com.

... The Kentucky Board of Tax Appeals adopted the construction of the statute advanced by the taxpayers, King Drugs, Inc., and King Home Care, Inc., while the trial court and Court of Appeals construed the statute in the manner advanced by the Kentucky Revenue Cabinet. ...

MPM Financial Group, Inc. v. Morton

... first and foremost, that we are bound by subsection (1) of KRS 446.080, which directs that "[a]ll statutes of this state shall be liberally construed with a view to promote their objects and carry out the intent of the legislature." Thus, the cardinal rule of statutory construction is that the ...

Falmouth Construction Lawyer, Kentucky

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LEGAL TERMS

HOUSE CLOSING