Ray County, MO Real Estate Lawyers


J. Armin Rust

Criminal
Status:  In Good Standing           Licensed:  33 Years

Bryan Kent Mc Mahon

General Practice
Status:  Inactive           Licensed:  18 Years

Marilyn S. Gussman

Real Estate, Government, Divorce & Family Law
Status:  Inactive           Licensed:  31 Years

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LEGAL TERMS

FIERI FACIAS

Latin for 'that you cause to be done.' This is a court document that instructs a sheriff to seize and sell a defendant's property in order to satisfy a monetary... (more...)
Latin for 'that you cause to be done.' This is a court document that instructs a sheriff to seize and sell a defendant's property in order to satisfy a monetary judgment against the defendant.

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.

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).

QUASI-COMMUNITY PROPERTY

A form of property owned by a married couple. If a couple moves to a community property state from a non-community property state, property they acquired togeth... (more...)
A form of property owned by a married couple. If a couple moves to a community property state from a non-community property state, property they acquired together in the non-community property state may be considered quasi-community property. Quasi-community property is treated just like community property when one spouse dies or if the couple divorces.

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.

MONTH-TO-MONTH TENANCY

A rental agreement that provides for a one-month tenancy that is automatically renewed each month unless either tenant or landlord gives the other the proper am... (more...)
A rental agreement that provides for a one-month tenancy that is automatically renewed each month unless either tenant or landlord gives the other the proper amount of written notice (usually 30 days) to terminate the agreement. Some landlords prefer to use month-to-month tenancies because it gives them the right to raise the rent after giving proper notice. This type of rental also provides a landlord with an easy way to get rid of troublesome tenants, because in most states month-to-month tenancies can be terminated for any reason.

LIMITED EQUITY HOUSING

An arrangement designed to encourage low-and moderate-income families to purchase housing, in which the housing is offered at an extremely favorable price with ... (more...)
An arrangement designed to encourage low-and moderate-income families to purchase housing, in which the housing is offered at an extremely favorable price with a low down payment. The catch is that when the owner sells, she gets none of the profit if the market value of the unit has gone up. Any profit returns to the organization that built the home, which then resells the unit at an affordable price.

APPRAISER

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

QUANTUM MERUIT

The reasonable value of services provided, which a winning party may be able to recover from an opponent who broke a contract.

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