Property tax is a real estate ad-valorem tax, considered a regressive tax, calculated by a local government, which is paid by the owner of the property. The tax is usually based on the value of the owned property, including land. The local governing body will use the assessed tax to fund water and sewer improvements, provide law enforcement and fire service and other items deemed necessary. Deeds of reconveyance do not interact with property taxes.
Collected property taxes are used by the governing body of the jurisdiction in which the property is located. The money funds education, road and highway construction, public servants, and other services that benefit the community-at-large. Property tax rates and the types of properties taxed vary by jurisdiction. As such, when purchasing a property, it is essential to scrutinize the applicable tax laws.
"Slip and fall" is a term used for a personal injury case in which a person slips or trips and is injured on someone else's property. These cases usually fall under the broader category of cases known as "premises liability" claims. Slip and fall accidents usually occur on property (or "premises") owned or maintained by someone else, and the property owner may be held legally responsible.
There are many dangerous conditions like torn carpeting, changes in flooring, poor lighting, narrow stairs, or a wet floor can cause someone to slip and be injured. Same goes if someone trips on a broken or cracked public sidewalks, or falls down a flight of stairs. In addition, a slip and fall case might arise when someone slips or falls outdoors because of rain, ice, snow or a hidden hazard, such as a pothole in the ground.
An auto accident, also referred to as a “traffic collision,” or a “motor vehicle accident,” occurs when a motor vehicle strikes or collides another vehicle, a stationary object, a pedestrian, or an animal. While some car accidents result only in property damage, others result in severe injuries or death. There are many factors that can contribute to car accidents, and sometimes such accidents have legal consequences.
An accident takes place when a car, truck, or bus, or other motorized vehicle hits another vehicle, person, or object, such as a tree or power pole. Car accidents have serious consequences including property damage, injury, and death, all of which are likely to cost someone a lot of money. When an individual causes a car accident in the United States, they may be held liable for damages and injuries caused by the wreck.
Workers' compensation law is governed by statutes in every state. Specific laws vary with each jurisdiction, but key features are consistent. An employee is automatically entitled to receive certain benefits when she suffers an occupational disease or accidental personal injury arising out of and in the course of employment. Such benefits may include cash or wage-loss benefits, medical and career rehabilitation benefits, and in the case of accidental death of an employee, benefits to dependents. The Negligence and fault of either the employer or the employee usually are immaterial. Independent contractors are not entitled to workers' compensation benefits, and in some states domestic workers and agricultural workers are excluded or only partially covered.
It is the goal of workers' compensation to return the injured employee quickly and economically to the status of productive worker without unduly harming the employer's business. A worker whose injury is covered by the workers' compensation statute loses the common-law right to sue the employer for that injury, but injured workers may still sue third parties whose negligence contributed to the work injury. For example, a truck driver injured in a rear-end collision by an unemployed third party would be entitled to collect workers' compensation and also to sue the third party for negligence. In such cases a plaintiff who recovers money from a third-party lawsuit must first repay the employer or insurer that paid workers' compensation benefits. The plaintiff may keep any remaining money. Many jurisdictions permit the employer or its insurer to sue negligent third parties on the employee's behalf to recover funds paid as workers' compensation benefits.
Commercial real estate is any non-residential property used solely for business purposes. If the real estate makes money, is rented out, used for investments, or falls into a number of other categories other than being a private residence, it can be considered commercial real estate. It covers retail properties, office buildings, shopping centers, hotels, warehouses, manufacturing facilities, apartment complexes, and vacant land that has the potential for development. In short, commercial real estate is a very broad category covering almost any kind of real estate except the single-family home and single-family lots. Even a single family home can be labeled commercial real estate if you buy the home for the purpose of renting it out and generating an income, or if you own the home and convert it into an income-generating property.
Different rules may apply to commercial real estate verses residential realty. For example, qualifying for a commercial mortgage may be different from qualifying for a personal mortgage, In many cases, your ability to get a personal mortgage is based solely on your income, while your ability to get a commercial mortgage may be based on the income that is generated or expected to be generated from the property. There may also be different tax rules for your commercial realty and such property may be treated differently in the event of bankruptcy.
Every tort claim, regardless of its basis, whether intentional, negligence, or strict liability, has two basic issues—liability and damages. Was the defendant liable for the damages you sustained, and, if so, what is the nature and extent of your damages? If you can prove liability and damages, our system of justice will award you compensation for your loss.
Residential real estate is an area developed for people to live on. As defined by local zoning ordinances, residential real estate cannot be used for commercial or industrial purposes. Such laws vary from location to location and can restrict how many buildings are allowed on a single block and what kinds of municipal services reach those buildings.
Real estate is the land plus any buildings and resources on that land. Real estate may be used for commercial purposes, like operating a store or an office, or for industrial purposes, like operating a mine or a factory. The most common type of real estate, however, is residential real estate, which is used for housing.
Residential areas encompass a large variety of potential dwellings, from houses to houseboats, and from neighborhoods types ranging from the poorest slum to the wealthiest suburban subdivision. Many of these are not specifically real estate, which is a legal definition describing a state of ownership: residential real estate emerges when land sanctioned for residential use is purchased by someone, which becomes real property.
Residential real estate is often the most important financial investment a person owns, and the value of real property on the estate is subject to shifts in the real estate market. Some people purchase real estate in the hope of making money, either by selling it at a profit or leasing it to others and charging them rent. But most people simply live on their property.
Commercial law or business law is the body of law which governs business and commerce and is often considered to be a branch of civil law and deals both with issues of private law and public law. Commercial law regulates corporate contracts, hiring practices, and the manufacture and sales of consumer goods. Many countries have adopted civil codes which contain comprehensive statements of their commercial law. In the United States, commercial law is the province of both the Congress under its power to regulate interstate commerce, and the states under their police power. Efforts have been made to create a unified body of commercial law in the US: the most successful of these attempts has resulted in the general adoption of the Uniform Commercial Code.
A trust is a fiduciary relationship in which one party, known as a trustor, gives another party, the trustee, the right to hold title to property or assets for the benefit of a third party, the beneficiary. Trusts are established to provide legal protection for the trustor’s assets, to make sure those assets are distributed according to the wishes of the trustor, and to save time, reduce paperwork and, in some cases, avoid or reduce inheritance or estate taxes. In finance, a trust can also be a type of closed-end fund built as a public limited company.
Trusts are created by settlors (an individual along with his or her lawyer) who decide how to transfer parts or all of their assets to trustees. These trustees hold on to the assets for the beneficiaries of the trust. The rules of a trust depend on the terms on which it was built. In some areas, it is possible for older beneficiaries to become trustees. For example, in some jurisdictions, the grantor can be a lifetime beneficiary and a trustee at the same time.
A trust can be used to determine how a person’s money should be managed and distributed while that person is alive, or after their death. A trust helps avoid taxes and probate. It can protect assets from creditors, and it can dictate the terms of an inheritance for beneficiaries. The disadvantages of trusts are that they require time and money to create, and they cannot be easily revoked.
A trust is one way to provide for a beneficiary who is underage or has a mental disability that may impair his ability to manage finances. Once the beneficiary is deemed capable of managing his assets, he will receive possession of the trust.