Ultra Vires
Definition of "Ultra vires"
Action that is beyond that allowed legally. Examples are charging illegally high interest rate on mortgages and real estate exceeding the amount permissible by legal statute, and a real estate company performing duties it is not authorized by the corporate charter to perform. Violations may result in lawsuits.
Popular Real Estate Terms
Bond collaterized by real assets. Two kinds of mortgage bond are senior mortgages and junior mortgages. A mortgage bond may have a closed-end provision that prevents the firm from issuing ...
Deed used to convey property back to the original property owner. Normally a reconveyance deed is issued upon the satisfaction of a property's mortgage. ...
Land parcel bounded by two intersecting roadways. ...
Insurance or maintenance policy taken out by a buyer of real or personal property. ...
Penalty charge in order to cure a previous wrong. ...
Net amount received when property is sold. It equals the selling price less outstanding mortgage balance less all costs incurred in connection with the sale. These expenditures include ...
Legally executed and witnessed document giving another the power to act as one's attorney or agent in handling real estate dealings. The power may be general or specific. The power of ...
Individual engaged in selling a product or service. The product may be an investment in real estate. In some instances, state law may require licensing to safeguard the public by requiring ...
Fibrous, fire-proofing material that was used in buildings and homes for insulation. ...
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