Entries Tagged ‘land’

What is a Trade Fixture?

A trade fixture is an item of personal property attached to real property that is owned by a tenant and is used in a business.   It is legally removable by the tenant.

Leave a Comment

What is Erosion?

Erosion is the gradual loss of land due to natural forces .   It is the process of eroding or being eroded by wind, water, or other natural agents.

Leave a Comment

What is a Lis Pendens?

A Lis Pendens means “a suit pending”.   When litigation is initiated involving a specific parcel of real property, a lis pendens usually is filed with the clerk of county in which the property is located.

Leave a Comment

What is an Escrow Account?

An Escrow Account is an account for the deposit of money a disinterested third party holds in trust for others. For a mortgage loan, an escrow account is one that is established to hold seperate funds for the purpse of paying bills such as homeowner’s insurance and property taxes.

Leave a Comment

What is a Section?

A section is a square 1 mile on each side (1 mile square) containing 1 square mile (640 acres)

Leave a Comment

What is Lien Priority?

If there are two or more liens on a property, the priority of liens determines the order in which the liens will be satisfied if the property must be sold.  The priority of most liens is the date and time that the lien was recorded in the public records.  Real estate (property) tax liens and [...]

Leave a Comment

What is the Americans With Disabilities Act?

The Americans with Disabilities Act (ADA) of 1990 is a federal statute designed to remove barriers that prevent qualified individuals with disabilities from enjoying the same employment opportunities that are available to persons without disabilities.   The ADA requires that multifamily dwellings be designed and constructed so that the public and common-use portions of the dwelling [...]

Leave a Comment

What are Recording Fees?

Several of the legal documents signed at closing should be recorded to give notice of new ownership and debt status.   Charges associated with recording these documents are usually paid by the person who wants a particular document recorded.  For example: the grantee (buyer) wants the deed recorded and usually pays for this service.  Recording fees [...]

Leave a Comment

What is the Rural Housing Service?

The Rural Housing Service is an agency of the U.S Department of Agriculture.  It offers direct loans and other services to farmers, rural residents, and rural communities, enabling them to purchase and operate farms, homes, and businesses.    There are 3 categories for loan programs: 1. Originate new loans 2. Insure Loans 3. Guarantee loans

Leave a Comment

What is an Elective Share?

In Florida, an elective share is defined as 30% of the decedent’s net estate consisting of real and personal property.

Leave a Comment