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
Identifying marker of a company. Attesting to something such as the validity of an instrument used in real estate. ...
The term lock-in clause is used in an agreement that prescribes a period of time within which either of the parties that signed a contract cannot terminate the contract. In case one of the ...
Passageway providing public access from a building interior to an exit. Long interior passageway providing access to rooms. ...
Properties that about and actually touch and share a common border. Properties B and C are contiguous. Property A is adjacent to properties B and C, but it is not contiguous. ...
Individual corporation, and so on permitted by law to own property and engage in business. Here, two or more companies operate under common control. Separate economic unit subject to ...
Certificate usually granted by a jurisdictions building department certifying a specified premise has satisfactorily complied with all zoning and building ordinances. This certification is ...
Period of time during which a complainant in a real estate transaction can seek a financial recovery from a licensed real estate broker or agent. The time period is determined by state ...
Right of any government agency to enact and enforce certain regulations to provide for the health and safety and general welfare of the public. ...
A lower phase of a business cycle in which the economy is deteriorating, coupled with a declining rate of business investment and consumer spending. Real Estate prices are typically ...
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