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Remainderman
A third party beneficiary who owns real property at the conclusion of a lesser estate in land
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Community Property
Each spouse has a 50% undivided interest in all of the marital property acquired by a husband or wife, individually or jointly, during the course of the marriage
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Fee Simple Condition Precedent
Also known as "fee simple determinable," a conditional estate in land that requires performance or the presence of a condition before the estate may vest
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O.C.G.A.
The Official Code of Georgia Annotated, which houses the body of statutory law enacted by the Georgia Legislature
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Purchase and Sale
The transfer of property ownership in exchange for consideration
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Tenancy at Will
A type of tenancy that arises if the lessor and lessee do not execute a written lease and can be terminated by either party at any time upon statutorily prescribed notice
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Government-Owned Property
A term used to describe any unimproved or improved land that is owned by the government
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Industrial Property
A term used to describe land upon which factories and other businesses in which goods are manufactured have been erected
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Unity of Interest
An equal percentage interest held by concurrent owners of real property; required to create a joint tenancy
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Non-Freehold Estate
An estate in land in which the term of ownership is limited by a fixed period of time
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Ownership
Encompasses the right to possess and use property to the exclusion of others and the ability to dispose of the property
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Title
Ownership; the means whereby a person's right to property is established
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Chattels
Another term for personal property
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Unity of Possession
An undivided interest in the whole of the real property; required for cotenants and joint tenants
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Residential Property
A term used to describe land upon which houses, apartments, condominiums and other types of dwellings have been erected
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Fee Simple Condition Precedent
Also known as "fee simple determinable," a conditional estate in land that requires performance or the presence of a condition before the estate may vest
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Severalty
Real property that is titled in one owner in an estate in severalty
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Fee Simple Condition Subsequent
A conditional estate in land that can cause the forfeiture of a vested estate due to a change in circumstances
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Heirs
The legal relatives of a decedent who dies intestate
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Riparian Rights
The right of real property owners to use adjacent waterways in a lawful, reasonable manner that does not disrupt its natural flow
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Joint Tenants with the Right of Survivorship
A form of concurrent ownership in which each joint tenant holds an equal, undivided interest in the real property, and when a joint tenant dies, his interest will automatically pass to the remaining joint owner(s)
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Color of Title
Some fact which, although on its face appears to establish one's ownership, is in some way defective and fails to actually establish ownership of the real property
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Tenants in Common
Two or more owners holding separate title to an undivided interest in the property with each being entitled to full ownership and possession of the entire parcel
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Eminent Domain
The constitutional authority of federal, state and local governments to take private property for public use
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Unity of Time
When two or more concurrent owners take ownership of the property at the same time; required to create a joint tenancy
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Personal Property
Also referred to as "chattels," consists of movable items, such as furniture, vehicles, office equipment, clothing and money
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Conditional Estate
An estate in land that confers fee simple ownership of real property that is subject to a specified or implied condition
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Estate for Years
An estate in land that affords the same rights and responsibilities as those of a fee simple estate, but for a fixed period of time
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Concurrent Ownership
Two or more people or entities owning the same piece of real property
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Marital Property
A form of concurrent ownership that is similar to community property, with the exception that the division of the spousal assets is not necessarily a 50-50 split
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Foreclosure
The legal means of requiring that real property pledged as collateral for a defaulted loan be sold and the sale proceeds be used to repay the debt
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Undivided Interest
Each owner has the right to possess and use the entire property, rather than a specific part of the property, at all times
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Unimproved Land
Real property that has not been developed, such as vacant lots, woodlands and property that is primarily used for agricultural use
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Devisees
Persons designed in a decedent's last will and testament to receive property
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Adverse Possession (7 continuous years)
A method of acquiring ownership of real property by possession and use of another's property without the owner's permission for a period of time specified by statute. Also known as "squatters' rights."
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Tenancy by the Entirety
A form of joint tenancy with the additional requirement that the owners are a legally married couple
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Separate Property
Property that is not part of the marital assets or community property because it was acquired by a spouse prior to marriage or acquired during marriage bygift, inheritance or devise
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Fee Simple
Also referred to as fee simple absolute, this estate in land is the highest and best form of property ownership because its transferability and potential duration are not limited during the property owner's life or death (highest and best form of real estate ownership)
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Life Estate
An estate in land that affords the same benefits and obligations as those of a fee simple estate, but for a limited period of time
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Fixed-Term Tenancy
The most common type of residential leasehold estate that exists when a lessor and lessee specify the expiration date of the lease agreement, upon which the leasehold estate automatically terminates
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Fixture
Personal property that has been converted to real property by virtue of its attachment to real property (ex. stove)
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Per Autre Vie
"For the life of another;" describes a life estate that is measured in duration by the life of a person other than the life tenant
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Decedent
A person who is no longer alive
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Leasehold Estate
An exclusive, albeit temporary, right to occupy and use real property, rather than a right of property ownership
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Lessor
Synonymous with "landlord"
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Partition
A court-ordered physical division of concurrently-owned property
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Commercial Property
A term used to describe land upon which shopping centers, stand-alone retail establishments and other buildings in which the sale of goods is transacted have been erected
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Usufruct
The possessory interest held by a tenant in a leasehold estate
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Gift
The transfer of property without consideration
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Real Estate
A term that is used interchangeably with "real property"
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Periodic Tenancy
Exists when a lessor-lessee relationship is defined by a certain time period and is renewed each time a rent payment is made, such as in a month-to-month periodic tenancy
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Lessee
Synonymous with "tenant"
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Quiet Title Action
An action that may be brought in superior court to determine who holds title to a disputed piece of property
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Improved Land
Real property upon which structures have been erected
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Freehold Estate
An estate in land in which there is no set date that will cause the estate to terminate
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Unity of Title
When two or more concurrent owners take ownership of the property within the same instrument; required to create a joint tenancy
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Real Property
Also referred to as "real estate," and encompasses land and buildings erected on the land, all things permanently attached to land or to the buildings thereon, and any interest existing in, issuing out of, or dependent upon land or the buildings thereon
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Bundle of Rights
A party's collection of rights with regard to a parcel of real property
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Estate in Land
Quantifies the degree, nature and extent of the ownership interest that a party has in real or personal property
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Tenancy at Sufferance
A lessee fails to vacate leased premises upon the expiration of a fixed term tenancy or upon expiration of proper notice in a periodic tenancy or tenancy at will
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Escheat
The process of property passing to the state if a property owner dies intestate with no legal heirs, or if property is otherwise deemed by the government to be abandoned
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Appurtenant Easement
An easement that benefits a specific parcel of real property
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Run with the Land
Third party interests that attach to real property and are not extinguished by changes in ownership of the property
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Servient Tenement
The property that is burdened by an easement; the property on which an easement is located
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Fieri Facias
"FiFa" for short, a lien recorded in the real estate records against real property of a debtor to satisfy a money judgment against the debtor
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Zoning Regulations
The division of land within a municipality into districts that are classified for different uses
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Subdivision Plat
An aerial drawing of a neighborhood (subdivision) which indicates lots, roads, common areas, building setbacks, limits on the size of structures that may be built and utility easements at the time of development
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Dominant Tenement
The property that benefits from an appurtenant easement
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UCC Lien
A lien against the personal property of a debtor accomplished through the filing of UCC Financing Statements
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Encumbrance
An interest in real property held by someone other than the owner of the property that runs with the land
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License
Permission or authority given to a third party licensee by the owner of land (the "licensor") to do a particular act or series of acts on the licensor's property
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Ad Valorem Taxes
Latin for "according to value," means the amount of tax levied is calculated based upon the taxing entity's appraised value of the property
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Real Property Tax Liens
Liens levied by a county against delinquent taxpayers' real property
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Land Use Regulation
The body of law created by federal, state and local governments to direct the development and use of real property for the greater good of the public
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Condominium
A building or complex in which units of property are owned by individuals and the exterior of the buildings are jointly owned and maintained by all residents of the complex
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Prescriptive Easement
An easement created in favor of a party that has used certain land in a constant and interrupted manner for a long period of time
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Mechanics' Lien
Short for mechanics' and materialmen's liens, which are created when a person files a lien in the county's public records to recover for unpaid work performed to improve real property or for unpaid materials that were furnished to do the work
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EPA
Environmental Protection Agency
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Restrictive Covenants
Privately agreed upon limitations on the use and appearance of real property within a subdivision
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Special Assessment
A tax on particular parcels of land directly benefitted by specific public improvements to cover the government's cost of constructing or maintaining these public improvements
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CERCLA
The Comprehensive Environmental Response, Compensation, and Liability Act
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Lien
A claim on real property providing security for the payment of a debt or other obligation
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Condominium Declaration
Contains a set of covenants, conditions and restrictions, known as "CC&Rs," to control the development, appearance and maintenance of a condominium complex
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Lease
A written or implied contract that conveys a possessory interest in real or personal property
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Special Exception
Granted when it is determined that a particular use of the property outside of its zoning classification would not be detrimental to the surrounding land
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Easement in Gross
An easement that benefits a specific third party
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Reciprocal Easement
An easement that creates a benefit and a burden on each of the adjoining land parcels
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Building Code
Law created by municipalities and states to regulate virtually every aspect of the construction and renovation of most structures
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Income Tax Lien
Lien assessed against all real property of a debtor who has failed to pay state or federal income taxes, including unpaid estate or gift taxes
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Zoning Variance
May be obtained by a property owner when it can be shown that applicable zoning regulations interfere with the reasonable development of a parcel of real property
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Pre-Existing Use
A use of real property that existed prior to, and does not conform to, a change in zoning classification
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Grandfathered
Real property that is governed under a previous zoning classification or other regulation due to a use of the property that pre-dates the zoning classification
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Implied Easement
An easement created by law when an owner of real property divests himself of a portion of his real property and the divested portion is land-locked as a result of the split
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Certificate of Occupancy
Issued by a building inspector if all inspections are passed, permitting the structure to be legally occupied
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Easement
A right in real property that may be exercised by a party on, over or through real property owned by another party for a specific use
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Cooperative Association
Also known as a "co-op," a multi-unit building is owned by a non-profit corporation in which individual unit owners of the building have purchased shares of stock in the corporation
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Abandonment
A party's non-use of an easement coupled with the intent to never use it again
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Earnest Money
A deposit of funds made by a buyer, usually to a third party holder, to signify the buyer's serious intent to purchase real property; earnest money can be applied toward the purchase price at closing or forfeited by a buyer if the buyer breaches the contract
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Statute of Frauds
A law that requires certain types of contracts, such as contracts for the purchase and sale of real estate, to be in writing in order to be valid
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Time is of the Essence
A contract clause that makes all of the dates in a contract firm
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Rescission and Restitution
A legal remedy in which the court acts as though a contract had never been entered and places the injured party in the same position he was in prior to the transaction
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Consideration
Something of legal value that is exchanged by parties to a contract. Some examples of consideration are money, goods, services, and promises to do or to refrain from doing something
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Option Contract
A contract between a seller and another party, referred to as the option holder, that provides that the option holder will have the right, but not the obligation, to purchase a parcel of property at any time within a specified time period for an agreed-upon price
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Execute
To sign a document
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Default
Non-compliance with the terms of a contract; also used to describe a contract that has been breached
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Money Damages
A legal remedy which is also referred to as compensatory damages, in which the injured party is placed in the same monetary position he would have been in if the contract would have been honored by the breaching party
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Signature Blocks
The area of a document where the parties sign
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Boilerplate
Standard language contained in contracts that does not vary significantly among transactions
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Offer
A proposed contractual arrangement made by a party, called the "offeror," indicating his willingness to be legally bound by the specific terms and conditions of the proposed arrangement
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Risk of Loss
A term used to describe the party who is responsible for maintaining insurance on real property to cover losses if the property is substantially damaged or destroyed prior to closing
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Breach
Non-compliance with the terms of a contract
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Special Stipulations
An area of a contract where the parties can include provisions that are specific to their transaction that have not been otherwise addressed in the contract
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Purchase and Sale Agreement
A written agreement that sets forth the terms and conditions upon which property ownership will be transferred and governs the rights and obligations between the parties from the time the contract is entered into through the closing
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Meeting of the Minds
In contracts law, indicates that the parties to a contract agree to the essential terms of the contract
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Contract
A legally binding agreement
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Merger
A legal doctrine providing that any unfulfilled contract terms expire when the closing of the subject property occurs and legal ownership is transferred from seller to buyer, except for any provisions that specifically state that they will survive the closing
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Contingencies
Conditions to a party's obligation to complete a transaction
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Power of Attorney
A written document that appoints a third party to take legal action on behalf of another, it may be limited or general in scope and duration
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Covenants
Legally binding promises or assurances
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Specific Performance
A court-ordered mandate that a party perform a specified act
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Notice Provision
A contract clause that specifies the acceptable means by which each party can provide notice to the other party of matters relating to the contract
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Defined Terms
Shortening terms that are frequently used in a contract and defining these terms the first time each term is used
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Liquidated Damages
A contract clause in which the parties agree that, in the event of a breach, a predetermined sum of money will be paid by the breaching party to the non-breaching party, and the non-breaching party will not be entitled to pursue any additional remedies
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Parol Evidence Rule
Also known as the "four corners" rule, an evidentiary rule in which a court will not consider any evidence of verbal or prior agreements that constitute additional or contradictory terms of a disputed contract
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Lease-Purchase
An agreement in which a property owner agrees to lease real property to a tenant for a specified period of time at a specified lease rate, and the tenant agrees to purchase the property for a specified purchase price at the end of the term of the lease
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Acceptance
Occurs when the offeree notifies the offeror that the offeree agrees to the terms and conditions of a proposed transaction
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Waste
is an improper use of land (such as the making of an unauthorized change or repair) by an individual in rightful possession of the land (such as a life estate owner).
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Voluntary waste
is committed by using the land in a way that results in an unreasonable reduction of the value that will be passed to those estates that follow the life estate (ex – strip mining). Voluntary, or affirmative waste, is the result of an overt and willful acts of destruction.
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Permissive waste
- is committee by permitting the land to fall into disrepair which results in the land’s diminished value. Permissive waste may
- be committed by action or inaction (such as failure to maintain the property).
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Ameliorative waste
results when improvements are made to the land which destroy the original condition of the land but which increases its value (ex – tearing down a structure to build a new one that is worth more than the old one). These improvements, while increasing the value of property, are done without permission.
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What is personal property (chattels)
moveable items such as furniture, vehicles, office equipment, clothing, money.
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What types of concurrent property ownership are recognized in Georgia?
tenants in common & joint tenants w/right of survivorship
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What is a Purchase and Sale Agreement?
a contract between a buyer/seller containing the terms and conditions upon which the property will be transferred, governs rights and obligations between both parties and covers the time the contract is signed through the closing date.
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Consideration
- each party must exchange something of value.
- Examples= money, goods, services, and promises to do or to refrain from doing
- something.
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Lawful Purpose
The contract must not involve an unlawful purpose.
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Legal Capacity
- Minors-(voidable contracts)
- Mentally incompetent persons (void contracts)
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Legal Authority
- The four major areas in which the issue of legal authority may arise are discussed below.
- -Business entities
- -Executors of estates
- -Trustees
- -Powers of attorney (limit the scope of the poa to that transactions and for a specific period of time)
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Components of PSA
Name of the parties, legal description of the property, purchase price, distribution of closing costs, and earnest money
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