Assets left by a deceased person that do not go through probate court proceedings before being transferred to those who inherit them. Common examples are life insurance proceeds, property held in joint tenancy, community property, and property held in a living trust.
A trust in which the trustee has limited discretion in management of the assets or distributions to the beneficiaries. Also known as a fixed trust.
A legally binding contract (also known as an NDA or confidentiality agreement) in which a person or business promises to treat specific information as a trade secret and not disclose it to others without proper authorization. Nondisclosure agreements are often used when a business discloses a trade secret to another person or business for such purposes as development, marketing, evaluation, or securing financial backing. A nondisclosure agreement will not protect trade secrets if the trade secret owner has not taken reasonable steps to keep the information secret.
Used to describe two or more parcels of real property which are not connected.
Also known as a prior nonconforming use (PNU), this exists when a zoning code is changed, but a parcel of land that is already being used for something disallowed by the new zoning code is "grandfathered in" (is allowed to continue). For example, if a neigborhood zoning is changed to residential, a corner grocery store may be allowed to continue to operate. The PNU will generally end when the use of the land is changed (so if the grocery store closes, the new zoning code will bar a new store from moving in).
The closest relatives, as defined by state law, of a deceased person. Most states recognize the spouse or registered domestic partner and the nearest blood relatives as next of kin.
A commercial real estate lease in which the tenant regularly pays not only for the space (as he does with a gross lease) but for a portion of the landlords operating costs as well. When all three of the usual costs--taxes, maintenance, and insurance--are passed on, the arrangement is known as a "triple net lease." Because these costs are variable and almost never decrease, a net lease favors the landlord. Accordingly, it may be possible for a tenant to bargain for a net lease with caps or ceilings, which limit the amount of rent the tenant must pay. For example, a net lease with caps may specify that an increase in taxes beyond a certain point (or any new taxes) will be paid by the landlord. The same kind of protection can be designed to cover increased insurance premiums and maintenance expenses.
The value of all property owned at death less liabilities or debts.
1) Written evidence of title to real estate. Examples might include a deed, a contract, or the death certificate of a co-owner if property was held in joint tenancy. 2) In Texas, a procedure to transfer real estate left by will that is simpler than regular probate.