Last Clear Chance

Definition of "Last clear chance"

Common law rule of negligence that imposes liability on an individual who had one last opportunity to avoid an accident but did not take it. An example is a driver who could have avoided hitting another automobile by applying his brakes but did not do so. One reason for not avoiding or even causing an accident is a desire to collect insurance proceeds.

Search Real Estate Glossary

Related Real Estate Glossary terms

Mortgage Equations

Equations used to derive common measures used in the mortgage market, such as monthly payment, bal ...

Dram Shop Law

Liquor liability legislation in 20 states under which a dispenser of alcoholic beverages is held res ...

Insurability Conditional Premium Receipt

Offer made by the insurance company to insure an applicant, provided the applicant is insurable acco ...

Current Assumption Whole Life Insurance

Variation of ordinary life insurance under which current mortality experience and investment earning ...

Hazard

Circumstance that increases the likelihood or probable severity of a loss. For example, the storing ...

Surplus Reinsurance

Automatic reinsurance that requires an insurer to transfer (cede) and the reinsurer to accept the pa ...

Related Real Estate FAQ

What Does FSBO Mean?

FSBO means for sale by owner. ...

What Is A Point?

A point is equal to 1 percent of a loan amount. Lenders charge points in exchange for lowering the i ...

What Is An Appreciation?

Changes in the market conditions, or improvements to the property that increase the value of the pro ...

What Is A Broker?

An agent who is authorized to open and run his/her own agency. All real estate offices have one prin ...

What Is A FHA Mortgage?

A FHA mortgage is when the government guarantees Federal Housing Authority loans. You can put down a ...

What Is Underwriting?

Underwriting is the process of evaluating a loan to determine whether the loan is a good risk. ...

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

Agents join here

Add our widget on your Website

Real Estate Advice

Mortgage Loan Types How To Get A Loan with Bad Credit Foreclosure - The Pros and Cons of Buying How To Choose A Realtor 5 signs of house foundation problems

FAQ

I dont know the zip code of my areas. How do I find an agent that is right for me in my area. What is an APR and what does it include? What is a lock in? What is a mortgagor? What does the Real Estate Settlement Procedures Act (RESPA) require?