In real estate and contract law, specific performance is a legal remedy that compels a party to perform the exact terms of a contract rather than paying monetary damages. It is used when money alone is not sufficient to compensate for a breach. Because real property...

In real estate law, a special assessment is a charge imposed by a public authority against real property to pay for public improvements that directly benefit the property. These improvements may include streets, sidewalks, sewers, or other infrastructure projects. A...

In real estate finance, simple interest is interest that is calculated solely on the principal amount of a loan. It does not take into account previously accrued interest. Simple interest is commonly used in many loan calculations and is distinguished from compound...

In real estate, a short term lease is a general classification for a lease agreement with a relatively brief duration. In some states, this term refers to leases of less than five years, while in others it may apply to leases of less than ten years. Short term leases...

In real estate and tax law, a short term capital gain is the profit realized from the sale of a capital asset that was not held for the minimum period required to qualify as a long term capital gain. The holding period is defined by tax law and may vary depending on...

In real estate law, a sheriff’s deed is a deed issued to the purchaser at a sheriff’s sale following the foreclosure of a mortgage. The delivery of the sheriff’s deed typically marks the beginning of a statutory redemption period, if one is provided by law. A...

In real estate finance, shared appreciation refers to an arrangement in which someone other than the buyer participates in the equity growth of a property. Under this type of agreement, the parties share certain expenses and also share in any increase in the...

In real estate law, severalty refers to an estate or ownership interest in property held by one person alone. It denotes sole ownership, without any co owners or shared interests. Remember that it is misleading that severalty has the word "several" in it, since it...

In real estate transactions, a settlement statement is a document that provides a detailed accounting of all costs and financial adjustments involved in a property sale. It itemizes credits, debits, fees, and charges associated with the transaction. Settlement...

In real estate and land use regulation, a set back ordinance is a provision of a zoning ordinance that controls how far a structure must be located from a property’s lot lines. It establishes minimum required distances between improvements and the boundaries of a...