Definition of "Liable"
Legal responsibility for something. For example, an owner of commercial property (e.g., restaurant) is legally obligated for damages on that property (e.g., restaurant patron falls and breaks his leg because of a wet floor).
Popular Real Estate Terms
Small furnace placed between the studs of a wall. It is typically electric, but in the past more frequently was gas. ...
Tile placed on a wall as decoration, such as in a bathroom or kitchen. ...
Claim of a person or business to real property such as by exercising an option. ...
An accessory building is an outdoor structure used by the occupants of the main building or house. They have different functions and can be detached or attached to the main building on the ...
The basic home inspection definition is well-known for everyone, right?However, when it comes to real estate, the term “inspection” can serve a bunch of purposes – but the ...
Statement made verbally. It is better legally to have a written statement because verbal ones without witnesses may be denied. ...
Increase in the outstanding loan balance arising when the mortgage payment does not fully meet the interest charge on the loan. This occurs under indexed loans or when the indexed rate ...
Valuation method for land or improvements to property. It takes into account gross rentals less operating expenses. ...
A clause inserted in a mortgage agreement requiring a future buyer of the subject property to obtain the consent of the lending institution prior to assuming the mortgage. In this ...
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