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LEGAL TERMS

RECORDING

The process of filing a copy of a deed or other document concerning real estate with the land records office for the county in which the land is located. Record... (more...)

The process of filing a copy of a deed or other document concerning real estate with the land records office for the county in which the land is located. Recording creates a public record of changes in ownership of all property in the state.

VESTED REMAINDER

An unconditional right to receive real property at some point in the future. A vested interest may be created by a deed or a will. For example, if Julie's will ... (more...)

An unconditional right to receive real property at some point in the future. A vested interest may be created by a deed or a will. For example, if Julie's will leaves her house to her daughter, but the daughter gains possession only after Julie's husband dies, the daughter has a vested remainder in the house.

FAIR HOUSING ACT & FAIR HOUSING AMENDMENTS ACT

Federal laws that prohibit housing discrimination on the basis of race or color, national origin, religion, sex, familial status or disability. The federal Acts... (more...)

Federal laws that prohibit housing discrimination on the basis of race or color, national origin, religion, sex, familial status or disability. The federal Acts apply to all aspects of the landlord/tenant relationship, from refusing to rent to members of certain groups to providing different services during tenancy.

APPRAISER

A person who is hired to determine the current value of real estate or other property.

BASIS

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 pr... (more...)

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.

MULTIPLE LISTING SERVICE (MLS)

A computer-based service that provides real estate professionals with detailed listings of most homes currently on the market. Much of the information can now b... (more...)

A computer-based service that provides real estate professionals with detailed listings of most homes currently on the market. Much of the information can now be obtained by the public through websites like www.realtor.com.

NOVATION

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... (more...)

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.

AUTHOR

In terms of copyright protection, either the person who creates the work, the person or business that pays another to create the work in an employment context o... (more...)

In terms of copyright protection, either the person who creates the work, the person or business that pays another to create the work in an employment context or the person or business that commissions the work under a valid work for hire contract. For example, a songwriter may write a song, but if he is employed by a company to do so, the company is the author of that song for copyright purposes.

FORECLOSURE

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

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Butler County, KY Real Estate Lawyers, page 2

SPONSORED LAWYERS

Larry Cameron Koonce

Nathan Todd Kolb

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LEGAL TERMS

RECORDING

VESTED REMAINDER

FAIR HOUSING ACT & FAIR HOUSING AMENDMENTS ACT

APPRAISER

BASIS

MULTIPLE LISTING SERVICE (MLS)

NOVATION

AUTHOR

FORECLOSURE

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