Glen Oaks Real Estate Lawyer, New York, page 4

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LEGAL TERMS

ASSIGNMENT

A transfer of property rights from one person to another, called the assignee.

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.

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.

INCAPACITY

(1) A lack of physical or mental abilities that results in a person's inability to manage his or her own personal care, property or finances. (2) A lack of abil... (more...)
(1) A lack of physical or mental abilities that results in a person's inability to manage his or her own personal care, property or finances. (2) A lack of ability to understand one's actions when making a will or other legal document. (3) The inability of an injured worker to perform his or her job. This may qualify the worker for disability benefits or workers' compensation.

NOVATION

The substitution of a new contract for an old one. A novation may change one of the parties to the contract or the duties that must be performed by the original... (more...)
The substitution of a new contract for an old one. A novation may change one of the parties to the contract or the duties that must be performed by the original parties.

NULLA BONA

Latin for 'no goods.' This is what the sheriff writes when she can find no property to seize in order to pay off a court judgment.

SEIZURE

The taking of physical evidence or property by law enforcement officials. This runs the gamut from taking blood for a drug test to impounding a car used in a ro... (more...)
The taking of physical evidence or property by law enforcement officials. This runs the gamut from taking blood for a drug test to impounding a car used in a robbery. The police must generally obtain a search warrant, or court order, before they can seize personal property.

JUROR

A person who serves on a jury. Lists of potential jurors are obtained from sources such as voter registration rolls and department of motor vehicles' lists. In ... (more...)
A person who serves on a jury. Lists of potential jurors are obtained from sources such as voter registration rolls and department of motor vehicles' lists. In most states, employers are prohibited from discriminating against employees who are called for jury duty--that is, they cannot demote or fire an employee for serving. And a few states require that the employer continue to pay the absent employee. Individuals who are selected to serve on a jury receive from the court a very small fee for their time and sometimes the cost of traveling from home to court.

ESTATE

Generally, all the property you own when you die.

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