A lump sum cash payment paid by a buyer when he or she purchases a major piece of property, such as a car or house. The buyer typically takes out a loan for the... (more...)

A lump sum cash payment paid by a buyer when he or she purchases a major piece of property, such as a car or house. The buyer typically takes out a loan for the balance remaining, and pays it off in monthly installments over time.

PRIVATE MORTGAGE INSURANCE (PMI)

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.

HOME WARRANTY

A service contract that covers a major housing system--for example, plumbing or electrical wiring--for a set period of time from the date a house is sold. The w... (more...)

A service contract that covers a major housing system--for example, plumbing or electrical wiring--for a set period of time from the date a house is sold. The warranty guarantees repairs to the covered system and is renewable.

HEIR

One who receives property from someone who has died. While the traditional meaning includes only those who had a legal right to the deceased person's property, ... (more...)

One who receives property from someone who has died. While the traditional meaning includes only those who had a legal right to the deceased person's property, modern usage includes anyone who receives property from the estate of a deceased person.

LIQUID ASSETS

Business property that can be quickly and easily converted into cash, such as stock, bank accounts and accounts receivable.

DEVISE

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 s... (more...)

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.

SHARED EQUITY MORTGAGE

A home loan in which the lender gets a share of the equity of the home in exchange for providing a portion of the down payment. When the home is later sold, the... (more...)

A home loan in which the lender gets a share of the equity of the home in exchange for providing a portion of the down payment. When the home is later sold, the lender is entitled to a portion of the proceeds.

APPRAISER

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

REAL ESTATE

Land and the property permanently attached to it, such as buildings, houses, stationary mobile homes, fences and trees. In legalese, real estate is also called ... (more...)

Land and the property permanently attached to it, such as buildings, houses, stationary mobile homes, fences and trees. In legalese, real estate is also called real property.

SAMPLE LEGAL CASES

RESIDENTS OPPOSED TURBINES v. STATE EFSEC

... other governmental entities. RCW 80.50.110(2). However, EFSEC must first hold a public hearing to determine whether a site certification application is consistent with the county land use plans and zoning laws. RCW 80.50.090 ...

Abbey Road Group v. City of Bonney Lake

... Abbey Road Group, LLC, filed a site plan application for a multifamily condominium development with the city of Bonney Lake (City). The application was denied based on a later adopted zoning change which prohibited this type of development. ...

Milestone Homes, Inc. v. City of Bonney Lake

... The development density limits in R-1 zoning are: "four to five dwelling units (rounded down) per net acre." BLMC 18.14.060. ... 10. The City Council finds that the proposed subdivision does not comply with R-1 zoning density restrictions if lots 21-25 are not considered. 11. ...

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LEGAL TERMS

DOWN PAYMENT

PRIVATE MORTGAGE INSURANCE (PMI)

HOME WARRANTY

HEIR

LIQUID ASSETS

DEVISE

SHARED EQUITY MORTGAGE

APPRAISER

REAL ESTATE

SAMPLE LEGAL CASES

RESIDENTS OPPOSED TURBINES v. STATE EFSEC

Abbey Road Group v. City of Bonney Lake

Milestone Homes, Inc. v. City of Bonney Lake

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