A business guest, or someone who enters property held open to members of the public, such as a visitor to a museum. Property owners must protect invitees from d... (more...)

A business guest, or someone who enters property held open to members of the public, such as a visitor to a museum. Property owners must protect invitees from dangers on the property. In an example of the perversion of legalese, social guests that you invite into your home are called 'licensees.'

MORTGAGE

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... (more...)

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.

HOUSE CLOSING

The final transfer of the ownership of a house from the seller to the buyer, which occurs after both have met all the terms of their contract and the deed has b... (more...)

The final transfer of the ownership of a house from the seller to the buyer, which occurs after both have met all the terms of their contract and the deed has been recorded.

ESCHEAT

The forfeit of all property to the state when a person dies without heirs.

SECURITY DEPOSIT

A payment required by a landlord to ensure that a tenant pays rent on time and keeps the rental unit in good condition. If the tenant damages the property or le... (more...)

A payment required by a landlord to ensure that a tenant pays rent on time and keeps the rental unit in good condition. If the tenant damages the property or leaves owing rent, the landlord can use the security deposit to cover what the tenant owes.

ADVERSE POSSESSION

A means by which one can legally take another's property without paying for it. The requirements for adversely possessing property vary between states, but usua... (more...)

A means by which one can legally take another's property without paying for it. The requirements for adversely possessing property vary between states, but usually include continuous and open use for a period of five or more years and paying taxes on the property in question.

LIQUID ASSETS

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

HOME WARRANTY

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 w... (more...)

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.

DEVISE

An old legal term that is generally used to refer to real estate left to someone under the terms of a will, or to the act of leaving such real estate. In some s... (more...)

An old legal term that is generally used to refer to real estate left to someone under the terms of a will, or to the act of leaving such real estate. In some states, 'devise' now applies to any kind of property left by will, making it identical to the term bequest. Compare legacy.

SAMPLE LEGAL CASES

Suburban Auto Rebuilders, Inc. v. Associated Tile Dealers Warehouse, Inc.

... The lease contained a right of first refusal, which provided that "Landlord [Associated] will give Tenant [Suburban] First Right of Refusal if Landlord intends to sell the property. Landlord will give Tenant 30 day[s] notice of intent ...

Dubey v. Public Storage, Inc.

... Dubey notes that the trial court's decision finding the limitation provision of the rental agreement to be an exculpatory clause and void for public policy reasons in violation of the Landlord and Tenant Act (765 ILCS 705/0.01 (West 1998)), was issued on May 8, 2007. ...

Landis v. Marc Realty, LLC

... More than four years after they vacated their apartment, plaintiffs Ken and Ana 302 Landis filed suit against defendants Marc Realty, LLC, and Elliott Weiner, for the damages provided for in subsection (f) of section 5-12-080 of the Chicago Residential Landlord and Tenant ...

Casey Landlord-Tenant Lawyer, Illinois, page 3

SPONSORED LAWYERS

Madison Mullady

Richard Bernardoni

Richard J. Bernardoni

Richard John Bernardoni

Raymond C. Gerard

Kristine Marie Young

Ralph Derry Glenn

Tracy Marie Weber

Janet Grove

Janet Lynn Grove

TIPS

LEGAL TERMS

INVITEE