Yanceyville Construction Lawyer, North Carolina

The basis of a contract. Consideration is a benefit or right for which the parties to a contract must bargain; the contract is founded on an exchange of one form of consideration for another. Consideration may be a promise to perform a certain act -- for example, a promise to fix a leaky roof -- or a promise not to do something, such as build a second story on a house that will block the neighbor's view. Whatever its particulars, consideration must be something of value to the people who are making the contract.

(1) To formally grant power or authority to someone. For example, when the President of the United States is inaugurated, he is invested with all the powers of that office. (2) To contribute money to a business venture, or to buy property or securities, with the intention and expectation of making a profit.

A person who specializes in matching home buyers with appropriate mortgage lenders. For a fee--often paid by the lender--a loan broker provides any easy and effective way to find the cheapest mortgage rates.

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.

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.

The restrictions governing the use of real estate, usually enforced by a homeowners' association and passed on to the new owners of property. For example, CC&Rs may tell you how big your house can be, how you must landscape your yard or whether you can have pets. If property is subject to CC&Rs, buyers must be notified before the sale takes place.