Chaska Real Estate Lawyer, Minnesota
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Thomas Johnston
Estate Planning, International Tax, Elder Law, Criminal, Commercial Real Estate
Status: In Good Standing *Status is reviewed annually. For latest information visit here
207 N Chestnut St, Chaska, MN 55318
Profile LAWPOINTS™34/100
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Jay A. Benson
Real Estate, Wills & Probate, Estate Planning, Bankruptcy, Estate
Status: In Good Standing *Status is reviewed annually. For latest information visit here Licensed: 33 Years
7955 Stone Creek Dr, Chanhassen, MN 55317
Profile LAWPOINTS™36/100
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LEGAL TERMS
JOINT TENANCY
A way for two or more people to share ownership of real estate or other property. When two or more people own property as joint tenants and one owner dies, the ... (more...)
A way for two or more people to share ownership of real estate or other property. When two or more people own property as joint tenants and one owner dies, the other owners automatically own the deceased owner's share. For example, if a parent and child own a house as joint tenants and the parent dies, the child automatically becomes full owner. Because of this right of survivorship, no will is required to transfer the property; it goes directly to the surviving joint tenants without the delay and costs of probate.
COVENANT
A restriction on the use of real estate that governs its use, such as a requirement that the property will be used only for residential purposes. Covenants are ... (more...)
A restriction on the use of real estate that governs its use, such as a requirement that the property will be used only for residential purposes. Covenants are found in deeds or in documents that bind everyone who owns land in a particular development. See covenants, conditions and restrictions.
VARIANCE
An exception to a zoning ordinance, usually granted by a local government. For example, if you own an oddly shaped lot that could not accommodate a home in acco... (more...)
An exception to a zoning ordinance, usually granted by a local government. For example, if you own an oddly shaped lot that could not accommodate a home in accordance with your city's setback requirement, you could apply at the appropriate office for a variance allowing you to build closer to a boundary line.
CONTRACT
A legally binding agreement involving two or more people or businesses (called parties) that sets forth what the parties will or will not do. Most contracts tha... (more...)
A legally binding agreement involving two or more people or businesses (called parties) that sets forth what the parties will or will not do. Most contracts that can be carried out within one year can be either oral or written. Major exceptions include contracts involving the ownership of real estate and commercial contracts for goods worth $500 or more, which must be in writing to be enforceable. (See statute of frauds.) A contract is formed when competent parties -- usually adults of sound mind or business entities -- mutually agree to provide each other some benefit (called consideration), such as a promise to pay money in exchange for a promise to deliver specified goods or services or the actual delivery of those goods and services. A contract normally requires one party to make a reasonably detailed offer to do something -- including, typically, the price, time for performance and other essential terms and conditions -- and the other to accept without significant change. For example, if I offer to sell you ten roses for $5 to be delivered next Thursday and you say 'It's a deal,' we've made a valid contract. On the other hand, if one party fails to offer something of benefit to the other, there is no contract. For example, if Maria promises to fix Josh's car, there is no contract unless Josh promises something in return for Maria's services.
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.
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.
INVEST
(1) To formally grant power or authority to someone. For example, when the President of the United States is inaugurated, he is invested with all the powers of ... (more...)
(1) To formally grant power or authority to someone. For example, when the President of the United States is inaugurated, he is invested with all the powers of that office. (2) To contribute money to a business venture, or to buy property or securities, with the intention and expectation of making a profit.
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.
QUIET ENJOYMENT
The right of a property owner or tenant to enjoy his or her property without interference. Disruption of quiet enjoyment may constitute a nuisance. Leases and r... (more...)
The right of a property owner or tenant to enjoy his or her property without interference. Disruption of quiet enjoyment may constitute a nuisance. Leases and rental agreements often contain a 'covenant of quiet enjoyment,' expressly obligating the landlord to see that tenants have the opportunity to live undisturbed.
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