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LEGAL TERMS

FUTURE INTEREST

A right to property that cannot be enforced in the present, but only at some time in the future. For example, John's will leaves his house to his sister Marian,... (more...)

A right to property that cannot be enforced in the present, but only at some time in the future. For example, John's will leaves his house to his sister Marian, but only after the death of his wife, Hillary. Marian has a future interest in the house.

INDEPENDENT CONTRACTOR

A legal category of worker defined by the Internal Revenue Service. The key to the definition is that, unlike employees, independent contractors retain control ... (more...)

A legal category of worker defined by the Internal Revenue Service. The key to the definition is that, unlike employees, independent contractors retain control over how the work they are hired to do gets done; the person or company paying the independent contractor controls only the outcome--the product or service.

ASSIGNMENT

A transfer of property rights from one person to another, called the assignee.

FORECLOSURE

The forced sale of real estate to pay off a loan on which the owner of the property has defaulted.

APPRECIATION

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

SHARED EQUITY MORTGAGE

A home loan in which the lender gets a share of the equity of the home in exchange for providing a portion of the down payment. When the home is later sold, the... (more...)

A home loan in which the lender gets a share of the equity of the home in exchange for providing a portion of the down payment. When the home is later sold, the lender is entitled to a portion of the proceeds.

FORFEITURE

The loss of property or a privilege due to breaking a law. For example, a landlord may forfeit his or her property to the federal or state government if the lan... (more...)

The loss of property or a privilege due to breaking a law. For example, a landlord may forfeit his or her property to the federal or state government if the landlord knows it is a drug-dealing site but fails to stop the illegal activity. Or, you may have to forfeit your driver's license if you commit too many moving violations or are convicted of driving under the influence of alcohol or drugs.

Union County, IN Real Estate Lawyers

SPONSORED LAWYERS

Ronald Lee Jordan

Jason Eric Ray

Lillie Mae Hubbard

Andrew Jordan Bryson

Ronald Kent Rychener

Kathy Steffey Kolger

Matthew Ryan Cox

Alyson Gayle Hubbard

John Keith Bossert

Thomas Martin Talton

TIPS

LEGAL TERMS

FUTURE INTEREST

INDEPENDENT CONTRACTOR

ASSIGNMENT

FORECLOSURE

APPRECIATION

SHARED EQUITY MORTGAGE

FORFEITURE

IP

LIFE TENANT

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