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BASIS The financial interest which IRS attributes to the owner of an asset for purposes of determining annual depreciation and gain or loss on sale of the asset. HEIR A person who inherits under a will or a person who succeeds to property by the laws of descent if the decedent dies without a will (intestate). JOINT VENTURE The joining of two or more people in a specific business enterprise such as the development of a condominium project or a shopping center. RESTRICTIVE COVENANT A private agreement, usually contained in a deed, which restricts the use and occupancy of real property. INJUNCTION A legal action which forbids a party defendant from doing some act; it requires a person to whom it is directed to refrain from doing a particular thing. RIGHT OF SURVIVORSHIP The distinctive characteristic of a joint tenancy (also tenancy by entirety) by which the surviving joint tenant(s) succeeds to all right, title and interest of the deceased joint tenant without the need for probate proceedings. REAL PROPERTY All land and appurtenances to land, including buildings, structures, fixtures, fences, and improvements erected upon or affixed to the same; excluding, however, growing crops. |
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