Real Estate Newsletters
In residential real estate leases, it is not uncommon to find some type of pet restriction. Generally speaking, such restrictions are legal.
At some point, nearly everyone needs the services of a lawyer. A transaction involving the sale or purchase of real estate may well be one of those instances.
A land trust is a device by which land is conveyed to a trustee for the benefit of another. A settlor is the owner of the property that is placed into the trust. A land trust is created when settlor expresses his or her intent to create a trust through a written instrument. The instrument must name the trustee and identify the trustee’s powers, the beneficiaries, and any remaindermen. The settlor may be the trustee and, in most cases, the beneficiary of the land trust.
A percolation test, or “perc test,” is performed on undeveloped land in order to determine whether the land is absorbent enough to support the installation of a septic system. Typically, the test is performed by a hydraulic engineer.
The Rule against Perpetuities: No future interest is valid unless it can be shown that it will necessarily vest, if at all, no later than 21 years after some life in being at the creation of the interest.