Tort Liability
Definition of "Tort liability"
Legal obligation stemming from a civil wrong or injury for which a court remedy is justified. A tort liability arises because of a combination of a direct violation of a person's rights, the transgression of a public obligation causing damage, or a private wrongdoing.
Popular Real Estate Terms
The endorser stipulates something such as that the transferee cannot use the funds for six months. ...
Under current tax law, real estate is depreciated under either the straight-line method or modified accelerated cost recovery system (MACRS) method. See also MACRS. ...
Unexpected growth in an urban locality. ...
State tax based on the value of property received through inheritance. The tax is paid by the recipient not the estate. Tax paid to the government or state upon the death of the taxpayer ...
protective wall along a roof or below a terrace. ...
Any abuse, disobedience, lawbreaking, transgression, or wrongdoing. It may result in punishment or litigation. ...
A lien that makes property security for the repayment of debt. Mortgages can finance the acquisition of real estate such as a home. A mortgage has certain benefits compared to other debt ...
The interest left in an estate after all costs have been deducted. For example, if a business is willed to X for life with the balance to Y upon X's death, Y has a remainder interest. ...
(1) That portion of exposed beach formed by waves depositing sand as they dissipate on the beach. The size of the berm commonly varies with the season. In the summer, the waves move sand ...
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