property & real estate law

servient estate

Servient estate is a parcel of land that is subject to an easement and benefits another parcel of land. An easement is a privilege or right that the owner of one parcel of real property (called a dominant estate or dominant tenement) has...

servient tenement

Servient tenement is a parcel of land that is subject to an easement and benefits another parcel of land. An easement is a privilege or right that the owner of one parcel of real property (called a dominant estate or dominant tenement) has...

setback

Setback means the areas, measured from the property line to any structure, within which building is prohibited, but which may include driveway areas or other similar surface improvements. In other words, it is the distance a building must be...

settlor

The settlor is the party that creates a trust, usually the donor. The settlor transfers legal title in some asset to the trustee. The settlor then provides in the trust instrument how that trust property is to be used for the beneficiaries. In the case...

shared equity mortgage

Shared equity mortgage is a type of mortgage where the lender keeps a portion, normally half, of the equity in the house. When a house is sold, the lender will be paid all of the loan plus their portion of the profits. Shared equity allows...

Shelley's case

See: rule in Shelley's case.

shifting executory interest

An executory interest that follows an interest that another grantee held.

See: Future Interest

short sale

Short sale in real estate refers to a sale of a house when the sale price is less than the outstanding mortgage on the property. Short sales occur when the homeowner is in financial trouble and needs the home sold quickly. In order for a...

small estate

Small estate is a classification of estates with limited value that can go through shorter probate or avoid probate completely. Probate can be a long and very expensive process for all parties involved. States created small estate...

special power of appointment

A special power of appointment gives the donee power to give the decedent’s assets to a select group of individuals. The objects of the power in a special power of appointment cannot be the donee herself, her estate, her creditors or creditors of her...

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