Glossary Archive

An outright gift is a transfer of property or assets from one individual to another without any conditions, restrictions, or expectations of return. This type of gift is typically given voluntarily and is meant to be a permanent transfer of ownership. Outright gifts can include various forms of property, such as cash, real estate, personal...

Owner Financing Agreement An Owner Financing Agreement is a type of real estate transaction where the seller of a property provides financing to the buyer, allowing them to purchase the property without the need for a traditional mortgage from a bank or financial institution. This arrangement can be beneficial for both parties: the seller can...

Owner-Occupied Business Property Agreement An Owner-Occupied Business Property Agreement is a legal contract that outlines the terms and conditions under which a business occupies property it owns or leases, primarily for its operational needs. This agreement is particularly relevant for small businesses and entrepreneurs who may own the property in which they conduct their business...

Owner-Occupied Property Restriction Clause An Owner-Occupied Property Restriction Clause is a provision often included in property deeds or leases that mandates the property must be occupied by the owner, rather than rented out or leased to tenants. This clause is designed to ensure that the property remains a primary residence, which can help maintain the...

Ownership Interest Certificate An Ownership Interest Certificate is a legal document that serves as proof of an individual's or entity's ownership interest in a particular asset, property, or financial instrument. This certificate is often used in various contexts, including real estate, business partnerships, and investment vehicles. In real estate, an Ownership Interest Certificate can signify...

A Partial Distribution refers to the distribution of a portion of an estate or trust's assets to beneficiaries before the entire estate or trust has been fully settled or administered. This practice is often employed to provide beneficiaries with immediate access to funds or property while the probate process or trust administration is still ongoing....

A Partial Distribution Clause is a provision within a trust or estate plan that allows for the distribution of a portion of the assets to beneficiaries before the entire trust or estate is fully settled. This clause is particularly useful in situations where beneficiaries may have immediate financial needs or when it is deemed appropriate...

Partial Release of Mortgage Clause A Partial Release of Mortgage Clause is a provision in a mortgage agreement that allows for the release of a portion of the mortgaged property from the lien of the mortgage under specific conditions. This clause is particularly relevant in the context of development projects or when a borrower wishes...

Partition Action A partition action is a legal proceeding initiated by co-owners of a property to divide their shared ownership interests. This process is commonly used when co-owners cannot agree on the use or sale of the property, and one or more of them seek to obtain their share of the property. The partition action...

A Partition Agreement is a legal document that facilitates the division of property, typically real estate, among co-owners. It serves to resolve disputes over jointly owned property, allowing the co-owners to delineate their respective interests and responsibilities without the need for judicial intervention. In detail, a Partition Agreement can take two forms: voluntary or involuntary....