Title Companies Closing Edwardsville Homes For Sale

 


Interesting Definitions

I looked up some definitions that all have to do with Real Estate in some
way, but are so obscure that they are hardly ever used or are a Latin term
that we may not totally understand. I am sure all of our attorney clients
will understand the following, but I did not know all of them.

Accommodation Party Is Not what you think, there is no “Party” here. This
refers to a person who lends his or her name to help secure credit for
another without receiving consideration.

Active Capital Capital used on a regular basis for profit making
activities. That is, assuming any of us have profit making activities of
course.

Following are some of the definitions of items often written or spoken in
the old Latin language.

Ad Hoc, Have you ever wondered what this means since it is used regularly?
Translated in means “For This”. As an example you may have an “Ad Hoc”
committee, it is for a single purpose and only that one purpose.

Ad Valorem, Translated this means “According to Value” such as an
Ad Valorem Tax. The tax is based on the value of the item. An example would be
real estate taxes which are based on the assessed value of the property.
There are also “Specific Taxes” which are based on the number of items such
as a $5.00 tax per house irrespective of the value.

Et Al, and others, Et Ux, and wife Et Con or Et Vir, and husband. I
have no idea why husband gets two choices and I will not even try to respond
to any questions regarding that issue. There are many pitfalls open for that one.

Ad Litem, meaning “For the Suit”. An example is one that we have all heard
at one time or another as the Guardian Ad Litem, or one who is appointed to
prosecute or defend one who may be a minor or for some reason incapacitated
or incapable of taking care of oneself.

And finally one of my favorites, “Caveat Emptor”, “Let the Buyer Beware”.
This one carries little power in these times of multiple disclosure
requirements. The consumer protection laws have placed more responsibility
on the seller and the broker to cover any problem issues that may have in
the past been a “Caveat Emptor” situation.

 

Contact Madison County Title Co. Edwardsville, IL 618-656-0400


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