Westport Timeshare Lawyer, New York

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Mitchell Reed Sussman
About | Practice Areas
Mitchell Reed Sussman & Associates
410 South Rampart Suite 390 Las Vegas, NV 89145» view map
Timeshare
45+ Years of Experience

The Law offices of Mitchell Reed Sussman & Associates has been in business for over 45+ years specializing in real estate litigation.

800-814-6930
1. Mitchell Reed Sussman Las Vegas, NV
  Attorney at Law- CA, 1977
2. AboutMitchell Reed Sussman & Associates
  45+ Years of Experience
3. Practice AreasExpertise
  Timeshare
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LEGAL TERMS

INCIDENTS OF OWNERSHIP

Any control over property. If you give away property but keep an incident of ownership--for example, you give away an apartment building but retain the right to... (more...)

Any control over property. If you give away property but keep an incident of ownership--for example, you give away an apartment building but retain the right to receive rent--then legally, no gift has been made. This distinction can be important if you're making large gifts to reduce your eventual estate tax.

DOMINANT TENEMENT

Property that carries a right to use a portion of a neighboring property. For example, property that benefits from a beach access trail across another property ... (more...)

Property that carries a right to use a portion of a neighboring property. For example, property that benefits from a beach access trail across another property is the dominant tenement.

SPECIFIC PERFORMANCE

A remedy provided by a court that orders the losing side to perform its part of a contract rather than, or possibly in addition to, paying money damages to the ... (more...)

A remedy provided by a court that orders the losing side to perform its part of a contract rather than, or possibly in addition to, paying money damages to the winner.

ESTATE

Generally, all the property you own when you die.

DOWN PAYMENT

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.

SEVERABILITY CLAUSE

A provision in a contract that preserves the rest of the contract if a portion of it is invalidated by a court. Without a severability clause, a decision by the... (more...)

A provision in a contract that preserves the rest of the contract if a portion of it is invalidated by a court. Without a severability clause, a decision by the court finding one part of the contract unenforceable would invalidate the entire document.

DEED IN LIEU (OF FORECLOSURE)

A means of escaping an overly burdenome mortgage. If a homeowner can't make the mortgage payments and can't find a buyer for the house, many lenders will accept... (more...)

A means of escaping an overly burdenome mortgage. If a homeowner can't make the mortgage payments and can't find a buyer for the house, many lenders will accept ownership of the property in place of the money owed on the mortgage. Even if the lender won't agree to accept the property, the homeowner can prepare a quitclaim deed that unilaterally transfers the homeowner's property rights to the lender.

QUITCLAIM DEED

A deed that transfers whatever ownership interest the transferor has in a particular property. The deed does not guarantee anything about what is being transfer... (more...)

A deed that transfers whatever ownership interest the transferor has in a particular property. The deed does not guarantee anything about what is being transferred, however. For example, a divorcing husband may quitclaim his interest in certain real estate to his ex-wife, officially giving up any legal interest in the property. Compare grant deed.

NET LEASE

A commercial real estate lease in which the tenant regularly pays not only for the space (as he does with a gross lease) but for a portion of the landlord's ope... (more...)

A commercial real estate lease in which the tenant regularly pays not only for the space (as he does with a gross lease) but for a portion of the landlord's operating costs as well. When all three of the usual costs--taxes, maintenance and insurance--are passed on, the arrangement is known as a 'triple net lease.' Because these costs are variable and almost never decrease, a net lease favors the landlord. Accordingly, it may be possible for a tenant to bargain for a net lease with caps or ceilings, which limits the amount of rent the tenant must pay. For example, a net lease with caps may specify that an increase in taxes beyond a certain point (or any new taxes) will be paid by the landlord. The same kind of protection can be designed to cover increased insurance premiums and maintenance expenses.

Westport Timeshare Lawyer, New York

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Mitchell Reed Sussman & Associates

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