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Term Definition
Relocation Clause
A clause in a lease that enables or prohibits a landlord from relocating a tenant to another suite in a building or shopping center.
required minimum distribution
The amount of a retirement account that must be withdrawn and taxed as of a certain age and each year thereafter.
Return on Investment
Profits measured as a percentage of the initial investment.
revocable trust
A document that exists to hold property during your lifetime and then transfer property automatically upon your death, thereby avoiding probate and potentially saving in estate taxes.
Right of First Refusal
The opportunity to match a price or set of terms offered and take the place of the offeror on specified terms.
right of representation
Dividing an estate according to a certain generation, each of which gets one share, and if a member of that generation is pre-deceased, his or her children receive pro-rata distributions of that one share.
a corporation that has made an election under sub-chapter s of the Internal Revenue Code to be a pass-through entity for tax purposes.
security deposit
A payment made to a landlord on deposit to ensure that the premises are returned in a specified condition.
Servient Tenement
The landowner burdened by an easement.
owners of a corporation
short sale
A transaction whereby a lender is asked to accept less than full value on real property in exchange for a release of lien.
Small Business Administration
SBA, the governmental agency that enables and guarantees lending to small businesses nationwide.
sole proprietorship
An unincorporated business that is owned by one individual
special needs trust
A trust created to ensure a disabled person's benefits are maintained despite the intention to leave that person some inheritance.
spendthrift clause
A clause that prohibits a beneficiary from borrowing against an inheritance that is anticipated.