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
Latin abbreviation for the literal translation meaning" which see". ...
Interest in real property that exists when a tenant remains in possession of leased premises or a "hold over" after his right to possession has ended. In a tenancy at sufferance, a tenant ...
The definition of Fair Market Value in the real estate business is the highest amount that could be received on the sale of a property when there are a willing buyer and a willing seller. ...
Paneled brickwork between timber quarters, a framed wall, or partition. ...
Unrealized gain in value of real property from holding it. The increase value is not recognized in the accounts. When the property is sold there will be a realized gain or loss. ...
An interest in property with the right o possession being postponed into the future until a certain even occurs. There are several possibilities where a future interest in property could ...
Interpreting the objective of a testator in his or her will. The disposition of the testator's estate must be untreatable or it could be legally challenged. ...
Legal lien on property on behalf of an individual who has not been paid for material furnished in constructing property. The material enhanced the value of the property, and as such the ...
Primary business district of a city or urbanized area having the areas major governmental offices, professional, and retail businesses represented. ...
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