Definition of "Duress"
Act of forcing an individual or business to do something against their will. It is a legitimate defense in court to reserve the effect of the compelled act.
Popular Real Estate Terms
Agreement between a lending institution and borrower where the borrower agrees to extend or spread the collateral of a loan to additional properties beyond the original mortgaged property. ...
Latin term meaning legal capacity to act on behalf of oneself. ...
The net leasable area is all the leasable area of a given building exclusive of non-leasable space such as hallways, building foyers, rooms devoted to heating, air conditioning, elevators, ...
Same as term right of first refusal: Right of an individual to be offered something before it is offered to others. For example, a tenant whose apartment is going to be converted to a ...
The most common definition of economies of scale refers to the decrease in production costs of a single item due to a business enterprise’s expansion. In short, mass production can ...
An interior wall dividing an area into two or more rooms or separate areas. The division of real estate between owners giving each an undivided interest. ...
Precalculated tables providing the present values of $1 or an annuity of $1 for different time periods and at different discount rates. ...
Personal income minus personal income tax payments and other government deductions. It is the personal income available for people to spend or save; also called take-home pay. It may be a ...
Cash outlays required to maintain an investment position. ...
Comments for Duress
I would like to know why a law does not exist that forces real estate agents to say to vendors to take sale contract home or to their lawyers to verify. They always place contracts in front of people and point a finger to the signatory spor and say "sign here". I once said "I need to take contract home to think about it" and the agent immediately said "No, you can't, the purchaser will place an offer elsewhere". Is this action not considered duress. They are pushy and play on people's emotions.
Aug 20, 2019 23:25:44Hello! Thank you for bringing up this issue. There must be clients who have the same question. However, the answer is quite simple. Don't go alone! Whenever you have to sign a contract, ask a professional to join you - ideally, a lawyer. There is a lot of jargon and many real estate terms that you may not fully understand. If you want to study the contract, I'm sure that nobody would mind if you actually took the time to read it. If they didn't feel comfortable with this, then it would be a good idea to leave and do business with somebody else. Contracts are very powerful documents and both parties must know exactly what they are getting themselves into. As for the fact that agents play on people's emotions, this is true for all businesses. Emotions are the essence of marketing.
Aug 26, 2019 16:14:05Have a question or comment?
We're here to help.