Adjustable rate mortgage (ARM) is a type of mortgage where the interest rate changes over time. In contrast, fixed rate mortgages made for 15, 20, or 30 years have a set amount of interest on the loan that does not change. ARMs come in many...
PROPERTY
adjusted basis
Adjusted basis is the cost basis of an asset adjusted for various events during its ownership. It is usually used to calculate an owner’s capital gain or loss for income tax purposes when the property is sold, or to calculate an inheritor’s...
adjustment date
Adjustment date is the date on which a financial term of a contract or transaction is set to change. In real estate, it usually refers to the date on which the interest rate of an adjustable rate mortgage (ARM) changes. An ARM’s interest rate...
adjustment period
Adjustment period is the time within which the interest rate on an adjustable-rate mortgage (ARM) can reset. It is the scheduled amount of time between each adjustment date.
Adjustment periods are set at month-to-month, semi...
administer
Administer means to carry out a task or give something to someone. Administer appears in a variety of contexts in the legal field. For example:
A trustee administers the assets of an estate by dispersing, selling, or managing the...administration (of an estate)
Administration of an estate means the management of the assets and liabilities of someone who has died. When a person has not designated a personal representative by will to deal with their estate upon death, the court will appoint an administrator...
administrative forfeiture
Administrative forfeiture is an in rem (against the property) action that allows the property to be forfeited to the United States without filing a case in federal court. The administrative forfeiture process occurs before the agency seizes...
administrator
In law, there are different meanings for “administrator.”
First, an administrator is a person who operates or leads a business, public office, agency, or other forms of organization. There are court administrators and local...
administrator ad litem
An administrator ad litem is a person appointed by a probate court to represent the interests of an estate for the purposes of a lawsuit.
Administrators ad litem are typically appointed in cases where the estate’s...
Administrator Ad Prosequendum
An Administrator Ad Prosequendum is appointed by the court to bring and prosecute a case on behalf of the deceased person’s estate. A court typically appoints an administrator to pursue a claim only if the person died intestate. An Administrator Ad...