Whiteash Real Estate Lawyer, Illinois

A way for two or more people to share ownership of real estate or other property. When two or more people own property as joint tenants and one owner dies, the other owners automatically own the deceased owner's share. For example, if a parent and child own a house as joint tenants and the parent dies, the child automatically becomes full owner. Because of this right of survivorship, no will is required to transfer the property; it goes directly to the surviving joint tenants without the delay and costs of probate.

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.

A portion of profits distributed by a corporation to its shareholders based on the type of stock and number of shares owned. Dividends are usually paid in cash, though they may also be paid in the form of additional shares of stock or other property. The amount of a dividend is established by the corporation's board of directors; however, state laws often restrict a corporation's ability to declare dividends by requiring a minimum level of profits or assets before the dividend can be approved.

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.

A gift of property. The IRS allows you to take an income tax deduction for the value of donations made to charitable organizations who are recognized as such by the IRS.

(1) An informal written document. A memorandum may be used in any number of circumstances, but most lawyers are best acquainted with the interoffice memorandum--a document prepared by a junior associate in a law office or a judge's law clerk outlining the facts, procedural elements and legal arguments involved in a particular legal matter. These memos are reviewed by senior lawyers and judges who use them to decide how to proceed with the case. (2) Any written record, including a letter or note, that proves that a contract exists between two parties. This type of memo may be enough to validate an oral (spoken) contract that would otherwise be unenforceable because of the statute of frauds. (Under the statute of frauds, an oral contract is invalid if it can't be completed within one year from the date the contract is made.)

A form filed with the county recorder's office to put on record your right to a homestead exemption. In most states, the homestead exemption is automatic--that is, you are not required to record a homestead declaration in order to claim the homestead exemption. A few states do require such a recording, however.