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LEGAL TERMS

UNIFORM TRANSFERS TO MINORS ACT

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 o... (more...)

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.

APPRECIATION

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

LIQUID ASSETS

Business property that can be quickly and easily converted into cash, such as stock, bank accounts and accounts receivable.

TENANT

Anyone, including a corporation, who rents real property, with or without a house or structure, from the owner (called the landlord). The tenant may also be cal... (more...)

Anyone, including a corporation, who rents real property, with or without a house or structure, from the owner (called the landlord). The tenant may also be called the 'lessee.'

PRIVATE MORTGAGE INSURANCE (PMI)

Insurance that reimburses a mortgage lender if the buyer defaults on the loan and the foreclosure sale price is less than the amount owed the lender (the mortga... (more...)

Insurance that reimburses a mortgage lender if the buyer defaults on the loan and the foreclosure sale price is less than the amount owed the lender (the mortgage plus the costs of the sale). A home buyer who makes less than a 20% down payment may have to purchase PMI.

LEGACY

An outdated legal word meaning personal property left by a will. The more common term for this type of property is bequest. Compare devise.

ASSIGNMENT

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

BEQUEST

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

LIABILITY INSURANCE COVERAGE

Compensation to third parties who are injured or whose property is damaged due to the fault of the insurance holder. You may have liability insurance for your c... (more...)

Compensation to third parties who are injured or whose property is damaged due to the fault of the insurance holder. You may have liability insurance for your car or your home, or to cover actions you take in the course of your profession. Liability polices are sometimes called 'third-party policies.'

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Butler County, KY Real Estate Lawyers

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Richard J Deye

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Blake Ross Chambers

Larry C Koonce

William Edward Schreiner

William Edward Schreiner

Larry Cameron Koonce

William Edward Schreiner

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LEGAL TERMS

UNIFORM TRANSFERS TO MINORS ACT

APPRECIATION

LIQUID ASSETS

TENANT

PRIVATE MORTGAGE INSURANCE (PMI)

LEGACY

ASSIGNMENT

BEQUEST

LIABILITY INSURANCE COVERAGE

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