Insurance that reimburses a mortgage lender if the buyer defaults on the loan and the foreclosure sale price is less than the amount owed the lender (the mortga... (more...)

Insurance that reimburses a mortgage lender if the buyer defaults on the loan and the foreclosure sale price is less than the amount owed the lender (the mortgage plus the costs of the sale). A home buyer who makes less than a 20% down payment may have to purchase PMI.

RESTRAINT ON ALIENATION

A provision in a deed or will that attempts to restrict ownership of the property -- for example, selling your house to your daughter with the provision that it... (more...)

A provision in a deed or will that attempts to restrict ownership of the property -- for example, selling your house to your daughter with the provision that it never be sold to anyone outside the family. These provisions are generally unenforceable.

INHERITORS

Persons or organizations who receive property from someone who dies.

BORDER PATROL

The historical term for what is now called the Bureau of Customs and Border Protection ('BCBP'), a branch of the Department of Homeland Security. The primary fu... (more...)

The historical term for what is now called the Bureau of Customs and Border Protection ('BCBP'), a branch of the Department of Homeland Security. The primary functions of the BCBP/border patrol are to guard the borders from illegal entrants and to meet and question immigrants and visitors arriving at airports and other border stops.

QUANTUM MERUIT

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

INURE

To take effect, or to benefit someone. In property law, the term means 'to vest.' For example, Jim buys a beach house that includes the right to travel across t... (more...)

To take effect, or to benefit someone. In property law, the term means 'to vest.' For example, Jim buys a beach house that includes the right to travel across the neighbor's property to get to the water. That right of way is said, cryptically, 'to inure to the benefit of Jim.'

SERVIENT TENEMENT

Property that is subject to use by another for a specific purpose. For example, a beachfront house that has a public walkway to the beach on its premises would ... (more...)

Property that is subject to use by another for a specific purpose. For example, a beachfront house that has a public walkway to the beach on its premises would be a servient tenement.

TANGIBLE PERSONAL PROPERTY

Personal property that can be felt or touched. Examples include furniture, cars, jewelry and artwork. However, cash and checking accounts are not tangible perso... (more...)

Personal property that can be felt or touched. Examples include furniture, cars, jewelry and artwork. However, cash and checking accounts are not tangible personal property. The law is unsettled as to whether computer data is tangible personal property. Compare intangible property.

VESTED REMAINDER

An unconditional right to receive real property at some point in the future. A vested interest may be created by a deed or a will. For example, if Julie's will ... (more...)

An unconditional right to receive real property at some point in the future. A vested interest may be created by a deed or a will. For example, if Julie's will leaves her house to her daughter, but the daughter gains possession only after Julie's husband dies, the daughter has a vested remainder in the house.

SAMPLE LEGAL CASES

Shoney's LLC v. Mac East, LLC

... stated: "`Where the lease merely contains a provisionâ€”without moreâ€”granting a person, normally a landlord, the power to withhold consent, regardless of whether explicitly qualified to reasonable exercises of that power ... ...

Gibson v. Merrifield

... A landlord has no duty to' inspect for latent defects, ie, defects that are hidden or concealed, or which can not be discovered by a reasonable inspection. "` . . A]lthough a landlord is under no duty to inspect for and repair ...

EX PARTE AIG BAKER ORANGE BEACH WHARF

... The lease agreement contained a provision entitled "mutual waiver of jury trial," which provided, in pertinent part: "Tenant and Landlord hereby waive any right to a trial by jury on any claim, counterclaim, setoff, demand, action or cause of action brought by either of the parties ...

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LEGAL TERMS

PRIVATE MORTGAGE INSURANCE (PMI)

RESTRAINT ON ALIENATION

INHERITORS

BORDER PATROL

QUANTUM MERUIT

INURE

SERVIENT TENEMENT

TANGIBLE PERSONAL PROPERTY

VESTED REMAINDER

SAMPLE LEGAL CASES

Shoney's LLC v. Mac East, LLC

Gibson v. Merrifield

EX PARTE AIG BAKER ORANGE BEACH WHARF

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