If an heir has predeceased, her share is divided equally by her linear descendants. Meeting one's obligations under a contract or agreement. A written promise from an insurance company, stating that if a given person does not complete work required under a contract, the insurer will pay someone else to complete the work or pay damages. A long-term mortgage, often registered after construction is complete and the property is occupied. The government body's written permission to do something which is regulated by that body.
Many jurisdictions have laws against tying up a title to a property in perpetuity.
A legal term referring to any entity which is capable of entering a contract or suing and being sued. Generally, an adult, mentally capable human being, an incorporated company, a partnership or a government body. Items owned by someone which are not land. A person's home, used to establish their place for voting, taxation and other civic issues. Slang term describing the possibility that a lender will lose money as a result of committing to a loan at a given interest rate only to see interest rates rise in the interim before the loan transaction is closed.