IMPROVEMENTS An addition to land which costs
labor or capital (buildings, pavements, etc.), more or less permanently
attached. More than repair or replacement.
PROPERTY Property owned or
purchased primarily for the monetary return it will bring. It may be classified
as commercial, industrial, or residential.
INDEMNIFY To protect against or keep free from
loss/ damage. To insure. To repay for loss/damage. To compensate for loss,
INSTALLATION Active or inactive
industrial facility held by the Department of the Army for production of
weapons, systems, munitions, components, and supplies.
INGRANT Property acquired for Army or Air
Force used by lease, license, or permit; not fee.
INLEASING The leasing of real estate interests
therein, and improvements thereon for military and civil works purposes.
Generally, also leasing of land/improvements by the Corps for other Government
Land and improvements controlled by the
Department of the Army and used by Army organizations for Army functions.
BUILDING EQUIPMENT Equipment and
furnishings required to make a building usable and attached as a permanent part
of the structure (e.g., docks, overhead crane., etc.).
CONTRACT Purchase of real
estate upon an installment basis; upon default, payments are forfeited. Often
called a LAND CONTRACT, the deed to the property is not given to the purchaser
until either all or a certain portion of the purchase price has been paid.
INSTRUMENT A written legal document created to effect
the rights of the parties.
RATE The rate of return on an investment,
specifically, the rate charged on borrowed money.
CONTROL The organization and methods
within a Federal agency which guard against fraud, waste, abuse, and
mismanagement of resources.
INTESTATE A person who dies having made no will,
or one defective in form; in which case, his estate descends to his heirs at
law or next of kin.
LEN A lien imposed against
property without consent of the owner; example: special assessments and Federal
SEVERAL An obligation which binds
two or more persons individually and jointly. This type of obligation can be
enforced by joint action against all or separate actions against one or more.
TENANCY Co-ownership of
real property by two or more persons, whereby the joint tenancy have equal
interest, accruing by the same conveyance, commencing at the same time, and
held by equal and undivided possession.
JUDGMENT The final determination of the rights
and liabilities of the parties in an action, as decreed by a court.
JUNIOR LIEN A lien placed upon property after a
previous lien has been made and recorded.
The authority to legislate within a
geographically defined area; authority to enact general municipal legislation
over that particular area.
COMPENSATION Market value paid for real
estate taken in a condemnation action.