Gildford Construction Lawyer, Montana

A fee charged by real estate brokers and apartment-finding services in exchange for locating a rental property. These fees are permitted by law. Some landlords, however, charge finder's fees merely for renting a place. This type of charge is not legitimate and, in some areas, is specifically declared illegal.

A proposal to enter into an agreement with another person. An offer must express the intent of the person making the offer to form a contract, must contain some essential terms--including the price and subject matter of the contract--and must be communicated by the person making the offer. A legally valid acceptance of the offer will create a binding contract.

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.

An organization comprising neighbors concerned with managing the common areas of a subdivision or condominium complex. These associations take on issues such as salting and sanding a subdivision when it snows and collecting dues from residents. The homeowners' association is also responsible for enforcing any covenants, conditions & restrictions that apply to the property.

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.

A rule that allows you to cancel a contract within a specified time period (typically three days) after signing it. Federal cooling-off rules apply this three-day grace period to sales made door-to-door and anywhere other than a seller's normal place of business, such as at a trade show. Another federal cooling-off rule lets you cancel a home improvement loan or second mortgage within three days of signing. Various states have cooling-off rules that sometimes apply even longer cancellation periods to specific types of sales, such as dancing lessons and timeshares.

An agreement, generally included in an employment contract or a contract for the sale of a business, where one party agrees not to compete with the other party for a specific period of time and within a particular area. Salespeople, for example, often sign noncompetition agreements that prevent them from using the contacts gained by one employer to benefit another employer. Or a salesperson may sign what is known as a 'noncompete,' agreeing not to sell within a particular area, or even work in the same type of business. In some states, such as California, courts view noncompetition agreements with disfavor and will not enforce them unless the restrictions are very narrow. In other states, courts routinely uphold them.