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Simple English definitions for legal terms
words of purchase
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A quick definition of words of purchase:
Words of purchase refer to the language used in a legal document, such as a deed or will, that specifies who will receive the property being transferred. For example, if a deed says "to A for life with a remainder to her heirs," it means that A has the right to use the property during her lifetime, and after she dies, the property will go to her heirs. This is different from inheriting property, which happens automatically when someone dies.
A more thorough explanation:
Definition: Words of purchase refer to the language used in a legal document, such as a deed or will, that specifies who will receive the property being transferred. For example, if a deed states "to A for life with a remainder to her heirs," it means that A has a life estate in the property, and after A's death, the property will pass to A's heirs.
Examples:
- "To John and Jane, as joint tenants with right of survivorship" - This means that John and Jane both own the property equally, and if one of them dies, the other will inherit the entire property.
- "To the Smith Family Trust" - This means that the property is being transferred to a trust that is managed by the Smith family.
These examples illustrate how words of purchase are used to specify who will receive the property being transferred. The language used in the legal document is important because it determines the ownership rights of the parties involved.