The settling of financial affairs of a business or individual, by liquidating (turning to cash) all assets for distribution to creditors, heirs, etc.

A price paid for property sold to liquidate a debt. Usually less than market value since there is pressure to sell or a forced sale, either of which does not often bring the highest price.

Any sale of property to liquidate a defaulted loan secured by the property. This would include a foreclosure sale, trustee’s sale and sale to the lender to avoid foreclosure. See: Deed In Lieu Of Foreclosure.

See: Liquidation Price.

Having liquid assets (see which).

A legal notice recorded to show pending litigation relating to real property, and giving notice that anyone acquiring an interest in said property subsequent to the date of the notice may be bound by the outcome of the litigation.

An agreement between an owner of real property and a real estate agent, whereby the agent agrees to secure a buyer or tenant for specific property at a certain price and terms in return for a fee or commission.

A real estate agent obtaining a listing (see which), as opposed to the selling agent.

A clause in a listing agreement by which the principal (seller) agrees to pay the agent (broker) a commission for a sale of the property for a specified time after the listing has expired. The agent must have offered the property to the buyers during the listing period. The agent registers the potential buyers with the seller during the listing period.

A metric measure of volume, equal to 61.02 cubic inches (slightly more than one quart) liquid measure.

Area in a harbor which is serviced by lighters on a regular basis and standard charge.

Concerning the shore of lakes and oceans, as opposed to rivers and streams, for which the word riparian is used.

Rights concerning properties abutting an ocean or lake rather than a river or stream (riparian). Littoral rights are usually concerned with the use or enjoyment of the shore.

Minimum standards set by local government for the quality of residential structures (especially rental units).

Having force or containing energy, such as a live volcano (one capable of eruption), live wire (one carrying electric current), etc.

(1) Variable weight in a building, such as furniture and people, as opposed to the fixed weight of a building itself (dead load). (2) The weight of cargo in a truck which is taxed by weight. (3) The weight of traffic over a bridge.

A trust which is in effect during the life of the settlor, rather than upon his death (testamentary trust).

(1) A weight carried or supported by something, such as supported by “load-bearing” members of a building, or the weight carried in a ship, truck, etc. (2) The power of an electrical charge.

Supporting weight in addition to its own vertically, or supporting pressure laterally.

See: Bearing Wall.

A lending of a principal sum of money to one who promises to repay said sum, plus interest.