In-kind income is defined as any income other than money or cash. It can be in any form either in the form of benefits received by an employer or the government. Usually this term is used for the benefits received from the government for...
housing
incumber
To incumber (commonly spelled encumber) means to effect an encumbrance on real property.
[Last updated in April of 2022 by the Wex Definitions Team]
incumbrance
See: Encumbrance
[Last updated in February of 2022 by the Wex Definitions Team]
judicial foreclosure
In some jurisdictions, mortgagees must get a court order to foreclose on a mortgage. This is called a judicial foreclosure. Judicial foreclosures (like all foreclosures), are governed by the law of the jurisdiction that the mortgaged property...
land use
“Land use” is a term that is used to describe the different purposes land may be used for. This includes both economic and cultural uses of land. Common types of land use include:
Agricultural Residential Industrial Commercial...landlord-tenant law
Landlord-tenant law refers to the body of law regulating the rental of commercial and residential property. It controls, among other aspects of a lease:
The length of a lease The reasons a landlord may deny a potential tenant’s...lease
A lease is a contract between two parties where one party, the lessor, allows the other party, the lessee, use of their property for a period of time in exchange for consideration, usually a monthly sum of money. The original owner...
limited equity housing
A limited equity housing (also known as LEHCs) is a special form of residential arrangement that is managed by a nonprofit cooperative corporation. The arrangement usually puts restriction on the amount of equity that a member may earn upon resale of...
loan broker
A loan broker, or a mortgage broker, is the middle person in between a lender and a borrower. While a borrower can directly borrow from a lender, a loan broker can help the borrower decide which lender meets the borrower’s financial goals. Using a...
mortgage
A mortgage involves the transfer of an interest in land as security for a loan or other obligation. It is the most common method of financing real estate transactions. The mortgagor is the party transferring the interest in land. The...