Competent Parties | Real Estate Glossary

Definition of "Competent parties"

Persons considered legally capable of entering into a binding contract.

Funds earned by the contractor for construction activity but held back by the owner of the property ...

Actual amount of total losses paid by an insurance company during a specified time interval. ...

Open occupation of real property owner; implies the lack of recognition of the property owner. ...

An agricultural technique of supplying water to land to sustain the growth of crops. Developing irri ...

Lease that incorporates increases in agreed-on payments over the term of the lease contract. For exa ...

Provision in business interruption insurance that excludes coverage for continuing the wages of rank ...

A lifetime rate cap is an adjustable-rate mortgage (ARM), this cap limits the amount the interest ra ...

A debt-to-income ratio is the percentage of a persons monthly earnings used to pay off all debt obli ...

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

An escrow officer - also known as a loan officer - is the person that walks you through the closing ...

A REALTOR® is an agent or agency that belongs to the local or state board of REALTORS® and is affi ...

A housing ratio is the percentage of your housing payment (principal, interest, taxes, and insurance ...

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