Glossary Archive

Non-probate transfers refer to the methods by which assets are passed to beneficiaries outside of the probate process. These transfers allow individuals to bypass the often lengthy and costly probate proceedings by using alternative means to transfer ownership upon death. Overview Non-probate transfers can include various mechanisms such as joint ownership, beneficiary designations, and trusts....

Non-Refundable Earnest Money Agreement A Non-Refundable Earnest Money Agreement is a legal document typically used in real estate transactions that outlines the terms under which a buyer pays an upfront deposit, known as earnest money, to demonstrate their serious intent to purchase a property. This type of agreement specifies that the earnest money is non-refundable,...

Non-Testamentary Transfers refer to the transfer of assets that occur outside of the probate process and are not governed by the terms of a will. These transfers are typically executed during a person's lifetime or as part of a contractual arrangement, and they are designed to ensure that the assets pass directly to the intended...

Nondisturbance and Attornment Agreement A Nondisturbance and Attornment Agreement is a legal document between a landlord, a tenant, and a lender that outlines the rights of the tenant in the event of a foreclosure or change of ownership regarding the property being leased. The nondisturbance aspect ensures that the tenant's lease will remain in effect,...

Notice of Default Clause A Notice of Default Clause is a provision within a loan agreement or mortgage that outlines the process and requirements for notifying a borrower when they have failed to meet their obligations under the contract. This typically occurs when a borrower misses a scheduled payment or violates other terms of the...

Trust A trust is a legal arrangement in which one party, known as the trustee, holds and manages property or assets for the benefit of another party, referred to as the beneficiary. The person who creates the trust is called the grantor or settlor. Trusts can be used for various purposes, including estate planning, asset...

Notice of Lease Termination A Notice of Lease Termination is a formal written document delivered by one party to another in a rental agreement, indicating the intention to end the lease. This notice is typically required by law and must adhere to the terms specified in the lease agreement as well as state or local...

Notice of Lis Pendens Filing A Notice of Lis Pendens is a legal document that serves as a public notice regarding a pending lawsuit that affects a particular piece of real estate. It informs potential buyers, lenders, and other interested parties that the property is the subject of litigation, which could influence their rights or...

The Notice of Probate Administration is a formal notification that informs interested parties, such as beneficiaries and creditors, that a decedent's will has been admitted to probate and that the probate process has commenced. This notice is a legal requirement in many jurisdictions, including Texas, to ensure that all parties who may have a claim...

Notice to Vacate Agreement A Notice to Vacate Agreement is a formal document used by landlords or property managers to inform tenants of the requirement to vacate a rental property. This notice is typically issued when a lease is set to expire, when the tenant has violated lease terms, or when the landlord intends to...