Triple Net Lease at Legal Glossary
What is it? See net lease.Law Definition Added By: Jordan
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Law Terms disinherit is To deliberately prevent someone from inheriting something. This is usually done by a provision in a will stating that someone who would ordinarily inherit property -- a close family member, for example -- should not receive it. In most states, you cannot completely disinherit your spouse; a surviving spouse has the right to claim a portion (usually one-third to one-half) of the deceased spouses estate. With a few exceptions, however, you can expressly disinherit children.Law Terms limited equity housing is An arrangement designed to encourage low-and moderate-income families to purchase housing, in which the housing is offered at an extremely favorable price with a low down payment. The catch is that when the owner sells, she gets none of the profit if the market value of the unit has gone up. Any profit returns to the organization that built the home, which then resells the unit at an affordable price.
Law Terms grant deed is A deed containing an implied promise that the person transfering the property actually owns the title and that it is not encumbered in any way, except as described in the deed. This is the most commonly used type of deed. Compare quitclaim deed.
Law Terms illusory promise is A promise that pledges nothing, because it is vague or because the promisor can choose whether or not to honor it. Such promises are not legally binding. For example, if you get a new job and promise to work for three years, unless you resign sooner, you havent made a valid contract and can resign or be fired at any time.
Law Terms conservator is Someone appointed by a judge to oversee the affairs of an incapacitated person. A conservator who manages financial affairs is often called a conservator of the estate. One who takes care of personal matters, such as healthcare and living arrangements, is known as a conservator of the person. Sometimes, one conservator is appointed to handle all these tasks. Depending on where you live, a conservator may also be called a guardian, committee or curator.