West Bloomfield Real Estate Lawyer, Michigan, page 4

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Clay B. Thomas

Real Estate
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LEGAL TERMS

LIFE TENANT

One who has a life estate in real property.

COMMERCIAL FRUSTRATION

An unforeseen and uncontrollable event that excuses a party to a contract from performing his or her duties under that contract. For example, a landlord can bre... (more...)
An unforeseen and uncontrollable event that excuses a party to a contract from performing his or her duties under that contract. For example, a landlord can break a lease if the property she agreed to rent accidentally burns down before the tenants move in.

BALLOON PAYMENT

A large final payment due at the end of a loan, typically a home or car loan, to pay off the amount your monthly payments didn't cover. Many states prohibit bal... (more...)
A large final payment due at the end of a loan, typically a home or car loan, to pay off the amount your monthly payments didn't cover. Many states prohibit balloon payments in loans for goods or services that are primarily for personal, family or household use, or require the lender to let you refinance the balloon payment before forcing collection.

DEEP LINK

A link from one website to another that bypasses the second website's home page and takes the user directly to an internal page on the site. For example, a deep... (more...)
A link from one website to another that bypasses the second website's home page and takes the user directly to an internal page on the site. For example, a deep link from Yahoo might take the user directly to a news article on a news site instead of linking to the home page of the site.

TORTIOUS INTERFERENCE

The causing of harm by disrupting something that belongs to someone else -- for example, interfering with a contractual relationship so that one party fails to ... (more...)
The causing of harm by disrupting something that belongs to someone else -- for example, interfering with a contractual relationship so that one party fails to deliver goods on time.

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.

YELLOW-DOG CONTRACT

An employment contract in which the employer forbids the employee to join a labor union. Yellow-dog contracts are not legally enforceable.

HOLD HARMLESS

In a contract, a promise by one party not to hold the other party responsible if the other party carries out the contract in a way that causes damage to the fir... (more...)
In a contract, a promise by one party not to hold the other party responsible if the other party carries out the contract in a way that causes damage to the first party. For example, many leases include a hold harmless clause in which the tenant agrees not to sue the landlord if the tenant is injured due to the landlord's failure to maintain the premises. In most states, these clauses are illegal in residential tenancies, but may be upheld in commercial settings.

APPRAISER

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