Property signifies dominion or right of use, control, and disposition which one may lawfully exercise over things, objects, or land. One of the basic dividing lines between property is that between real...
property & real estate law
Realization of gain
Realization of gain is when an asset is sold at a price higher than its adjusted cost basis. Section 1001 of the Internal Revenue Code states that the gain from the sale of property is the “excess of the amount realized therefrom over the...
Any individual in the business of real property sales who belongs to the National Association of Realtors. Realtor can include both real estate agent or real estate broker, but a real estate agent or broker is not necessarily a realtor.
See real property.
Receipt has two legal definitions:
(1) A legal document evidencing a buyer has purchased and taken possession of the goods. A receipt can range from a small paper itemization of goods purchased in a retail setting to a document that a person...
Reconveyance means the return of title to the original owner. Most commonly arises in the context of reconveyance of real estate deeds—also referred to as deed of reconveyance. In that context, reconveyance refers to the transfer of title to real...
A law regulating the recording of deeds and other interests in property. A recording act also determines priority between parties claiming interests in the same property.
See Race statute, Notice statute, and Race-notice statute (three major...
[Last updated in December of 2020 by the Wex Definitions Team]
See Recording act.