Competent Parties

Definition of "Competent parties"

Gina Rudisill Century 21 Results Realty Services

Persons considered legally capable of entering into a binding contract.

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

Search Real Estate Terms

Popular Real Estate Terms

Schematic Plan

Outline or diagram of a structure or group of structures used for planning purposes. ...

Bottomland

(1) Land adjacent to a lake, river, or stream that can also be part of a flood area. (2) Land at the bottom of a valley or glen. ...

Anticipatory Breach

Terminating a contract prior to the time when actual performance is to occur. ...

Lien, Junior

Subordinate lien to a previous lien. Generally attached after a previous, and therefore senior, lien has been attached to property. In the event of a ...

Cash Equivalency

(1) Revising the selling price of real property to reflect what it would be worth if typical financing was available. (2) How much real property would ...

Contingency Planning

Considering future occurrences that may possibly arise. ...

Popular Real Estate FAQ

What Is A Title Search?

A title search is the process of reviewing court records and other records to ensure that there are no liens or claims against the property you are bu ...

What Is A Home Warranty?

A home warranty is a guarantee for certain features of a new home-for instance, the materials and workmanship, the main components of the house, and s ...

What Is A Lifetime Rate Cap?

A lifetime rate cap is an adjustable-rate mortgage (ARM), this cap limits the amount the interest rate can increase or decrease over the life of a loa ...