Rocky Top Foreclosure Lawyer, Tennessee

A statute, adopted by almost all states, that provides a method for transferring property to minors and arranging for an adult to manage it until the child is old enough to receive it. See custodian.

A doctrine that prevents a defendant from re-litigating an issue after it has been lost. For example, if your neighbor sues you for putting up a fence on his land and the court rules that your fence extends beyond your property line, you can't later file your own lawsuit seeking a declaration that the property line is incorrectly drawn.

A provision in a deed or will that attempts to restrict ownership of the property -- for example, selling your house to your daughter with the provision that it never be sold to anyone outside the family. These provisions are generally unenforceable.

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.

Latin for 'that you cause to be done.' This is a court document that instructs a sheriff to seize and sell a defendant's property in order to satisfy a monetary judgment against the defendant.

A determination of the value of something, such as a house, jewelry or stock. A professional appraiser -- a qualified, disinterested expert -- makes an estimate by examining the property, and looking at the initial purchase price and comparing it with recent sales of similar property. Courts commonly order appraisals in probate, condemnation, bankruptcy or foreclosure proceedings in order to determine the fair market value of property. Banks and real estate companies use appraisals to ascertain the worth of real estate for lending purposes. And insurance companies require appraisals to determine the amount of damage done to covered property before settling insurance claims.

A provision in a lease that absolves the landlord from responsibility for all damages, injuries or losses occurring on the property, including those caused by the landlord's actions. Most states have laws that void exculpatory clauses in rental agreements, which means that a court will not enforce them.

A contract giving written permission to use an invention, creative work or trademark. A license provides a way to make money from your invention or creative work without having to manufacture and sell copies yourself. By licensing an invention or work to a company, you get money (often in the form of royalties) in return for allowing the company to use, produce and sell copies of your invention or work in the marketplace.