Instructions: Identify the Following Terms

question 38

Short Answer

Instructions: Identify the following terms:
George Calvert

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Definitions:

Beneficiary

An individual or entity entitled to receive benefits or assets under a legal instrument, such as a will, trust, or insurance policy.

Land Contract

A conditional agreement for the sale and purchase of real estate in which the legal title to the property is retained by the seller until the purchaser has fulfilled the agreement, usually by completing the payment of the agreed-on purchase price.

Legal Title

The official right to ownership of property or assets, recognized and protected by law.

Possession

The state or fact of owning or holding something, either physically or legally.