Capacity Of Parties


Definition of "Capacity of parties"

Legal competence of parties to be held responsible for the terms of a contract or to be brought into the courts. Those who are under the legal age, are mentally incompetent, or under the influence of a substance do not have legal capacity.



Search Real Estate Glossary

 

Related Real Estate Glossary terms

Passive Retention

Practice in which no funds are set aside on a mathematical basis to pay for expected losses. This oc ...

Penalty

Amount to be paid by a person or business for violating a statute or legal court order. It may also ...

Term Loan

Intermediate - to long-term collateralized loan granted to a business by a commercial bank, insur ...

Adjustment Bureau

Company organized with the business objective of providing claims adjustment services to insurance c ...

Assumption Agreement

See assumption of mortgage; deed of trust. ...

Benefit Formula

Procedure in employee benefit plans to calculate life insurance and retirement benefits to which an ...

Related Real Estate FAQ

What Is Homeowners Insurance?

Homeowners insurance is an insurance policy that combines personal liability insurance and hazard in ...

What Are My Coverage Options?

Our agents have a wide range of coverages available, as well as an array of choices for limits and d ...

What Is A Home Warranty?

A home warranty is a guarantee for certain features of a new home-for instance, the materials and wo ...

What Is A Mortgage Banker?

A mortgage banker is a company that originates mortgages and sells them to a secondary market. ...

How Do I File An Insurance Claim?

Call your Insurance agent or Insurance Company \"Claims Hotline\" as soon as possible. Getting your ...

What Is Hazard Insurance?

Hazard insurance is insurance coverage that compensates for physical damage to a property from natur ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews
Read Reviews

Agents join here
Add our widget on your Website

Real Estate Advice

Tax Breaks for the First Time Home Buyer 5 U.S. Cities with the Best Public Transportation How is Square Footage Determined? Why Use a Real Estate Agent? What Must I Disclose When Selling My Home?

FAQ

What is a title? What does a back-end ratio mean? What is a broker? What is an origination fee? What is underwriting?