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A partition is a term used in the law of real property to describe an act, by a court order or otherwise, to divide up a concurrent estate into separate portions representing the proportionate interests of the owners of property. [1]
Binder – In law, a binder (also known as an agreement for sale, earnest money contract, memorandum of sale, or contract to sell) is a short-form preliminary contract in which the purchaser agrees to buy and the seller agrees to sell certain real estate under stated terms and conditions, usually in the form of a purchase offer, and is ...
Assessed value: The value of real estate property as determined by an assessor, typically from the county. "As-is": A contract or listing clause stating that the seller will not repair or correct ...
Under the common law such restraints are void as against the public policy of allowing landowners to freely dispose of their property. Perhaps the ultimate restraint on alienation was the fee tail , a form of ownership which required that property be passed down in the same family from generation to generation, which has also been widely abolished.
A profit (short for profit-à-prendre in Middle French for "advantage or benefit for the taking"), in the law of real property, is a nonpossessory interest in land similar to the better-known easement, which gives the holder the right to take natural resources such as petroleum, minerals, timber, and wild game from the land of another. [1]
Community property (United States) also called community of property (South Africa) is a marital property regime whereby property acquired during a marriage is considered to be owned by both spouses and subject to division between them in the event of divorce. Conversely, property owned by one spouse before the marriage, along with gifts and ...
Property law is the area of law that governs the various forms of ownership in real property (land) and personal property. Property refers to legally protected claims to resources, such as land and personal property, including intellectual property . [ 1 ]
In countries with personal ownership of real property, civil law protects the status of real property in real-estate markets, where estate agents work in the market of buying and selling real estate. Scottish civil law calls real property heritable property, and in French-based law, it is called immobilier ("immovable property").