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Usufruct

The meaning of the term "usufruct" is the right of enjoying a thing, the property of which is vested in another, and to draw from the same all the profit, utility, and advantage that it may produce, provided it be without altering the substance of the thing. The person who has the right and enjoyment of a usufruct is known as a "usufructuary."

Foreclosure and Redemption of Residential Purchase-Money Mortgages

Typically, a purchaser of residential real estate pays for the property with funds that are obtained from a lender, called the mortgagee, through a mortgage transaction. In exchange for the funds, the purchaser, called the mortgagor, promises to repay the funds and gives the mortgagee a security interest in the property to secure the repayment. In the event that the mortgagor does not repay the funds as required by the mortgage document or is otherwise in default, the mortgagee may foreclose on the mortgage.

The Residential Lead-Based Paint Hazard Reduction Act

The Residential Lead-Based Paint Hazard Reduction Act is the federal law that addresses the health problems that have been associated with the use of lead-based paint in apartments and rental units. The Act and its enforcement regulations apply to rental properties that were built before 1978.

Sharecropping

Generally speaking, the term "sharecropping" refers to an between a property owner and another person whereby the property owner hires the other person to farm the property owner's land. In exchange for the person's labors, the person is entitled to receive a share of the crop or harvest. Over the years, however, many different forms of sharecropping arrangements have been developed between parties.

The Doctrine of Waste

The rationale behind the doctrine of waste is that one who is entitled to receive a future interest in real property is entitled to receive the property in the same condition it was in at the time the future interest was created by the original grantor. Although the doctrine of waste may prevent changes that increase the value of the property, more often it refers to action or inaction that damages the property in some respect.