Covenant Not To Complete
Legal agreement not to perform an activity similar to that performed by another individual or business. This contractual provision may be necessary to keep trade secrets, prevent taking away existing clients using the current business's methods, or otherwise seriously impair the activities of the existing business.. Foe example, a real estate broker who signs a covenant not to complete may prohibit him from opening up a real estate brokerage firm within 50 miles for a two-year period. this restriction is particularly important when the employee is highly qualified and will likely develop a strong customer following. However, if the restriction is very excessive, it may be legally unenforceable.
Popular Real Estate Terms
Need to understand what is a real estate contingency? In general, a contingency is a condition for something to happen, so the real estate contingency definition relates to provisions ...
Ownership interest in property that is above the minimum needed to meet uncertainties or a downward trend in real estate market. ...
Refinancing seems easy to understand but is it really? Here’s a lengthy refinancing definition so you can make up your mind once and for all regarding the exquisiteness of the ...
Some real estate sales require court confirmation of purchase to protect heirs and debtors from financial wrongs. These sellers have to sell their property due to unique circumstances. They ...
Waste matter carried off through a series of conduits to a waste disposal facility. ...
Indicators reflecting future changes in economic conditions; referred to as the Composite Index of 11 Leading Indicators. This index indicates the direction of the economy in the next six ...
When you hear a real estate agent talking about a client that's an empty nester, it means said client suffers from empty nest syndrome. But what is Empty nest syndrome? Empty nest ...
Highest amount a property is worth equal to the amount that would have to be paid to buy equivalent property in the market place. ...
An equity-to-value ratio is an excellent tool for those homebuyers that want to understand how profitable an investment is based on the amount of money invested and the actual value of the ...
Have a question or comment?
We're here to help.