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
Depressed, poorly kept locality that may include vacant businesses. It may be a high crime area. The people living in the area are typically poor and there may also be homeless people. ...
An antenuptial agreement is, as the terms composition states, an agreement that happens before the nuptials, or, in other words, the wedding. The antenuptial agreement is more commonly ...
Legal proceeding whereby a person's property is attached and used to pay an obligation. The employer may withhold part of the employee's salary to the court until the debt has been paid. ...
When a real estate owner wants to know what their property tax liability is, they calculate the assessment ratio for their property. An assessment ration is a relationship between a real ...
Blockbusting is a despicable and illegal racist business practice. Here’s how Blockbusting happens: a real estate agent, or someone posing as one, comes to a homeowner and instills ...
Time period for which one expects to keep property such as a real estate investment. ...
Warranties issued by contractors, sellers, and real estate agencies that protect home buyers from specified defects in a house as per the contract. ...
Lienholder's statement as to the unpaid balance on a trust deed note. ...
See estoppel. ...
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