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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.
The loss of property or a privilege due to breaking a law. For example, a landlord may forfeit his or her property to the federal or state government if the (more...)
The loss of property or a privilege due to breaking a law. For example, a landlord may forfeit his or her property to the federal or state government if the landlord knows it is a drug-dealing site but fails to stop the illegal activity. Or, you may have to forfeit your driver's license if you commit too many moving violations or are convicted of driving under the influence of alcohol or drugs.
right of survivorship
The right of a surviving joint tenant to take ownership of a deceased joint tenant's share of the property. See joint tenancy.
easement by prescription
A right to use property, acquired by a long tradition of open and obvious use. For example, if hikers have been using a trail through your backyard for ten (more...)
A right to use property, acquired by a long tradition of open and obvious use. For example, if hikers have been using a trail through your backyard for ten years and you've never complained, they probably have an easement by prescription through your yard to the trail.
(1) A legal principle that prevents a person from asserting or denying something in court that contradicts what has already been established as the truth. (more...)
(1) A legal principle that prevents a person from asserting or denying something in court that contradicts what has already been established as the truth. equitable estoppelA type of estoppel that bars a person from adopting a position in court that contradicts his or her past statements or actions when that contradictory stance would be unfair to another person who relied on the original position. For example, if a landlord agrees to allow a tenant to pay the rent ten days late for six months, it would be unfair to allow the landlord to bring a court action in the fourth month to evict the tenant for being a week late with the rent. The landlord would be estopped from asserting his right to evict the tenant for late payment of rent. Also known as estoppel in pais.estoppel by deedA type of estoppel that prevents a person from denying the truth of anything that he or she stated in a deed, especially regarding who has valid ownership of the property. For example, someone who grants a deed to real estate before he actually owns the property can't later go back and undo the sale for that reason if, say, the new owner strikes oil in the backyard.estoppel by silenceA type of estoppel that prevents a person from asserting something when she had both the duty and the opportunity to speak up earlier, and her silence put another person at a disadvantage. For example, Edwards' Roofing Company has the wrong address and begins ripping the roof from Betty's house by mistake. If Betty sees this but remains silent, she cannot wait until the new roof is installed and then refuse to pay, asserting that the work was done without her agreement.estoppel in paisSee equitable estoppel.promissory estoppelA type of estoppel that prevents a person who made a promise from reneging when someone else has reasonably relied on the promise and will suffer a loss if the promise is broken. For example, Forrest tells Antonio to go ahead and buy a boat without a motor, because he will sell Antonio an old boat motor at a very reasonable price. If Antonio relies on Forrest's promise and buys the motorless boat, Forrest cannot then deny his promise to sell John the motor at the agreed-upon price.(2) A legal doctrine that prevents the relitigation of facts or issues that were previously resolved in court. For example, Alvin loses control of his car and accidentally sideswipes several parked cars. When the first car owner sues Alvin for damages, the court determines that Alvin was legally drunk at the time of the accident. Alvin will not be able to deny this fact in subsequent lawsuits against him. This type of estoppel is most commonly called collateral estoppel.
An employment contract in which the employer forbids the employee to join a labor union. Yellow-dog contracts are not legally enforceable.
A non-court procedure for resolving disputes using one or more neutral third parties -- called the arbitrator or arbitration panel. Arbitration uses rules of (more...)
A non-court procedure for resolving disputes using one or more neutral third parties -- called the arbitrator or arbitration panel. Arbitration uses rules of evidence and procedure that are less formal than those followed in trial courts, which usually leads to a faster, less-expensive resolution. There are many types of arbitration in common use: Binding arbitration is similar to a court proceeding in that the arbitrator has the power to impose a decision, although this is sometimes limited by agreement -- for example, in 'hi-lo arbitration' the parties may agree in advance to a maximum and minimum award. In non-binding arbitration, the arbitrator can recommend but not impose a decision. Many contracts -- including those imposed on customers by many financial and healthcare organizations -- require mandatory arbitration in the event of a dispute. This may be reasonable when the arbitrator really is neutral, but is justifiably criticized when the large company that writes the contract is able to influence the choice of the arbitrator.
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 (more...)
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.
short sale (of house)
A sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. Many lenders will agree to accept the proceeds of a short sale (more...)
A sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments. By accepting a short sale, the lender can avoid a lengthy and costly foreclosure, and the owner is able to pay off the loan for less than what he owes. See also deed in lieu (or foreclosure).
... OPINION. By the Court, GIBBONS, J.: The United States District Court for the District of Nevada
has certified, under NRAP 5, the following questions to this court. Does the economic loss doctrine
apply to contractors who solely provide services in construction defect cases? ...
... Op. No. 3. MICHELLE STALK AND URBAN CONSTRUCTION COMPANY, LLC, A NEVADA
LIMITED LIABILITY COMPANY, Appellants, vs. ... Stalk and Urban Construction also had a 30-year
business relationship with Bird and RPSC developing various parcels of real property. ...
... Ct., 122 Nev. 289, 292, 129 P.3d 682, 684 (2006)). Further, we adhere to the precedent that
"every reasonable construction must be resorted to, in order to save a statute from
unconstitutionality." Hooper v. California, 155 US 648, 657, 15 S.Ct. 207, 39 L.Ed. ...