Quasi-contract
Legal obligation to pay for a benefit received as if a contract has actually occurred. This may arise in a few cases so that an equitable situation occurs. An example is when a homeowner allows repairs to be performed knowing that a reasonable fee will be charged. It would be unfair for the homeowner to have unjust enrichment at the suffering of the one performing the work.
Popular Real Estate Terms
Large scale map of an urban area detailing land use. City plans are essential for projecting the growth, development, and redevelopment of the urban area. The major objective of a city plan ...
Organizational governing group. Either an appointed or elected body overseeing the management of an organization and rendering advice on current issues. Members are legally responsible for ...
Type of mortgage, which is not based on a constant interest rate. ...
A certificate of ownership in a real estate company. Pledged assets for a borrowing. An example is an office building serving as collateral for the mortgage. Way of protecting property ...
Partially amortized and requiring a lump sum (balloon) payment at maturity. ...
Same as term deed of trust: A document that conveys title to a neutral third party (trustee) during the period in which the mortgage loan is outstanding as collateral for a debt. ...
If you are involved with real estate, chances are you've come across the term "convey" or conveyance. But what does convey mean in real estate? This term is crucial whether you're buying, ...
Siding made out of aluminum, plastic derivates, or cement asbestos having ridges and valleys which is attached to the sides of buildings. ...
Easement with the objective of keeping scenic beauty or to forbid constructing something else blocking that view. The property is retained in its natural setting. ...
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