Real Estate Information
Florida Real Estate Glossary - L
In probate of a will, what happens when beneficiary dies prior to testator; the gift ends.
Statute that limits the degree of relationship of relatives who can inherit property from an intestate; causes property to escheat to the state before a remote relative would inherit an intestate's estate.
Financing method that permits potential buyers to lease property for a period with an option to buy.
Gift of money by will.
Beneficiary/donee of gift of money by will.
See Permanent lender.
Doctrine that makes lenders liable for the lack of timely approval or withdrawal of an approval for financing already issued.
Revocable right to enter another's property.
Party who enters another's land with express or implied permission; i.e., a social guest.
Interest in real property that serves as security for repayment of a debt.
One theory of mortgages that gives the mortgagor title to the property and the mortgagee a lien on the property as security for debt repayment.
Person whose property is subject to a lien.
Party who places a lien on real property.
Interest in land that lasts for the life of the grantee.
Life estate that lasts for the length of some measuring life other than that of the grantee.
Those who hold a life estate in property.
Agent whose authority is limited in time or scope.
Business entity that is a cross between a corporation and a partnership.
Business entity that has limited liability for all partners (except for professional negligence of each).
Investor in limited partnership whose maximum liability is his capital investment.
A partnership with at least one general partner in which limited partners can purchase interest and be liable only to the extent of their interests and not risk personal liability.
Damages that are specified in formula or in amount in the written and signed agreement of the parties; must be reasonable.
"Suit or action pending"; document recorded with the land records to indicate a suit involving the land is pending; filed in mortgage foreclosures and quiet title actions.
Contract between a broker and landowner for the broker's services in helping to sell the owner's property.
English ceremony for passage of title; involved a physical transfer of a clod of earth between grantor and grantee.
Trust created by settlor who is alive.
Term for authorization to take testator off life-support equipment; authorized in many states but must use appropriate or required language and be formally executed.
See Contract for deed.
Under Tax Reform Act of 1986, special housing category affording investors special tax treatment.
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