Contractual Ability
Definition of "Contractual ability"
Capability of a party to enter into a contract such as having the financial and physical resources as well as mental competency to meet contractual commitments.
Popular Real Estate Terms
Increasing tax rates with increasing levels of taxable income. ...
loan that is not secured by a mortgage on a specific property. It is backed only by the borrower's credit rating. Unsecured loan are typically short term. The disadvantages of this kind of ...
Legal responsibility for something. For example, an owner of commercial property (e.g., restaurant) is legally obligated for damages on that property (e.g., restaurant patron falls and ...
Receipt given for a partial payment made on the sale of property. It shows the buyer has made a down payment. ...
To clip or prune shrubbery,etc. ...
Expenditure paid to occupy property over a specified time period. ...
One-time charge assessed by a bank or other financial institution at the closing of buying real property. The fee increases the effective cost to the borrower. One discount point translates ...
The continued and illegal occupancy of property after a legal period of occupancy has expired. In an estate at sufferance the tenant occupies the property at the sufferance of property ...
Oral defamation of the character or reputation of another. It is the basis for a lawsuit. ...
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