Arthur City Land Use & Zoning Lawyer, Texas

A paperless method of entering into an electronic contract. To 'sign' a contract electronically, a person may be asked to click an 'I Accept' button or use a 'key' to encrypt (scramble) information that uniquely identifies the signer using a method called Public Key Infrastructure (PKI). Electronic signatures are as binding as those in ink.

A remedy provided by a court that orders the losing side to perform its part of a contract rather than, or possibly in addition to, paying money damages to the winner.

The substitution of a new contract for an old one. A novation may change one of the parties to the contract or the duties that must be performed by the original parties.

A way for married couples to hold title to property, available in Arizona, California, Nevada, Texas and Wisconsin. It allows one spouse's half-interest in community property to pass to the surviving spouse without probate.

A loan in which the borrower puts up the title to real estate as security (collateral) for a loan. If the borrower doesn't pay back the debt on time, the lender can foreclose on the real estate and have it sold to pay off the loan.

For income and capital gains tax purposes, the value that is used to determine profit or loss when property is sold. Often the basis is what you paid for the property, 'adjusted' to reflect improvements made or damage incurred while you own the property. See stepped-up basis, carryover basis.