Legal Terms

Alimony:   Money paid to a party in a divorce to avoid any unfair economic consequences of  Divorce

Annulment: Declares a Marriage invalid, as if it never happened

Assignee:  The person that receives the Assigned property

Assignor:  The person that Assigns or gives something of value

Bankruptcy:  Stops Creditors from collecting. Gives you a new financial start. Can stop garnishments & foreclosure.

Beneficiary:  A person or company lending money

Chapter 7 Bankruptcy:  Releases debtor from all debts listed on the Bankruptcy

Chapter 13 Bankruptcy:  Creates a repayment plan for a Debtor on a Bankruptcy

Child Support:  Money paid from the non custodial parent to the custodial parent for expenses

Creditor:  Person or company that is owed money

Custodial Parent: The parent that the children primarily live with

Custody: Legal right to have children live primarily in your home

Deed in Lieu:  A deed from a borrower back to the bank to stop foreclosure

Divorce:  Ending a marriage by a legal process

Debtor:  Person or company that owes money

Defendant:  Person being served Papers in a legal action or accused of a crime

Defense Attorney:  Lawyer that defends against charges

Foreclosure:  Legal proceeding where the Bank takes back the Real Estate Collateral due to none payment

Guardianship:  Somebody who is legally entrusted to manage somebody else’s affairs, especially those of a minor

Lessee:   Someone that pays to rent another person’s property

Lessor:   Someone that allows another person to rent their land or home

Marriage:  A contract between two people

Paternity:  Determining who the father is for visitation and child support

Plaintiff:  Person filing for Divorce or one that brings a legal action

Prosecuting Attorney:  Attorney that presents a case against a person or company

Real Estate Transactions:  When two people transfer property from one to the other for valuable consideration on Real Property.

REPC:  Real Estate Purchase Contract used in Residenial Real Estate Transactions in Utah.

Short Sale: A sale of Real Estate for less than is owed to the lender. Must be negotiated and approved by the Bank.  Very complicated. 

Trustor:  The person borrowing money on a Real Estate Transaction

Trustee:  The Title Company or Attorney who releases the Real Estate loan when paid

Visitation:  Time guaranteed with your children if you don’t have physical custody