Cancelable Agreement

Definition of "Cancelable agreement"

Contractual clause allowing one or both parties to terminate the agreement if a specified occurrence takes places. This is a cancellation clause, which allows the agreement to become null and void, thereby allowing the parties to end their duties. The cancellation stipulation protects the interest of each participant if one is damaged.

Have a question or comment? We're here to help.

Search Real Estate Terms

Popular Real Estate Terms

Stepped-up Basis

An increase in the income tax basis of a property that is a result of a tax-free exchange. As a result of an inheritance, for example, the basis of th ...

Board Of REALTORS®

Local group of real estate brokers who are members of the State and National Board of REALTORS®. Meets regularly with their membership and helps dete ...

Professional Appraiser

Expert in real estate who has an education in real estate appraisal as well as having significant professional experience. A recognized license may be ...

Egress

Passageway existing from property. An agree may lead to a roadway or some other form of exit. ...

Urban Economics

Branch of economics that applies the tools of economic reasoning to the analysis and solution of urban economic problems. ...

Institutional Lender

Financial intermediaries who invest in deeds of trust and mortgages, and hold them in their own portfolio. Large financial firm that uses deposit ...

Popular Real Estate FAQ

What Is Equity?

Equity is the financial interest or cash value of your home, minus the current loan balance(s). If selling the home, this would also be minus any cost ...

What Is A Buildable Acre?

A Buildable acre consists of 43,560 square feet of residentially designated buildable land, after excluding present and future rights-of-way, restrict ...

What Is A Housing Ratio?

A housing ratio is the percentage of your housing payment (principal, interest, taxes, and insurance) to your monthly gross income. Lenders use this r ...

What Is A Quit Claim Deed?

A quit claim deed is a formal document that denies a claim to a certain property. Often used to clear problems with a title or as part of a divorce se ...

What Is A Down Payment?

A down payment is the money you pay up front for the purchase of a home. ...

What Is Flood Insurance?

Flood insurance is insurance that compensates for the physical property damage resulting from rising water. ...

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

Agents join here

Add our widget on your Website

Real Estate Advice

Why Right Now is a Good Time for Millennials to Buy a Home Why Use a Real Estate Agent? Top Five Reasons Your Home Offer was Rejected Foreclosure - The Pros and Cons of Buying What Must I Disclose When Selling My Home?

FAQ

What do I need to know about RV Insurance? Besides making my monthly mortgage payment, how can I build equity into my house? What is principal? What is accession? What is a mortgage banker?