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Living trust
Living trust A trust agreement, which the title to property and assets can be transferred into, thereby avoiding probate.
RELATED TERMS--------------------------------------
Trust
An arrangement whereby legal title to property is transferred by the grantor (or trustor) to a person called a trustee, to be held and managed by that person for the benefit of another, called a beneficiary.
Title
1) The rights of ownership and possession of particular property. 2) In real estate usage, title may refer to the instruments or documents by which a right of ownership is established (title documents), or it may refer to the ownership interest one has in the real estate.
Property
The rights of ownership. The right to use, possess, enjoy, and dispose of a thing in every legal way and to exclude everyone else from interfering with these rights.
Assets
Real and personal property in which a person has an unencumbered ownership or equity and which has value.
Probate
The formal judicial proceeding to prove or confirm the validity of a will, to collect the assets of the decedent's estate, to pay the debts and taxes and to determine the persons to whom the remainder of the estate is to pass.
SIMILAR TERMS--------------------------------------
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Listing presentation manual
Used by real estate brokerages to make presentations to listing prospects. A visual aid used in combination with a verbal presentation made by a real estate agent.
Littoral rights
The rights of a landowner whose land borders a pond, lake or ocean shore-line where the body of water is non-flowing.
Live-in partnership
An arrangement in which two unrelated people purchase a home.
Livery of seizin
Under common law, the process of transferring title.
Live-work space
A dwelling, such as a loft, in which the occupant both lives and conducts business.
Living trust
Load factor
Multiplier to a tenant's useable space of a building's common area, expressed in percentages.
Load-bearing wall
Any exterior wall, and any interior wall that supports its weight and the weight of other parts of the building above it.
Loan
A sum of borrowed money (principal) that is generally repaid with interest.
Loan application
A lender's initial sourse of information on a borrower-applicant and the collateral involved; stipulates the amount of money requested and repayment terms.
Loan application fee
A sum charged by a lender for accepting a document in which a prospective borrower details his or her financial situation to qualify for a loan.
This dictionary contains 6433 terms. |
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