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
Table demonstrating the relationship between the depth of a building lot form the street frontage and its market value. Street frontage is the greatest asset of a land parcel. The ...
The person giving property or establishing a trust. ...
Any written evidence or tangible material which can be reproduced as written material which is coherent and related to the subject at hand. This includes documents, contracts, inscriptions ...
Method of construction where vertical siding is attached to a horizontal framing structure. Often found in the design of agricultural buildings. ...
Founded in 1942 and located in Washington DC, the NAHB has 155,000 members with 824 local groups. Its membership consists of single, multifamily and commercial home builders. The NAHB ...
Present worth of the property which is different than the price paid for it or its book value (cost less accumulated depreciation). The current value may be determined through appraisal. ...
Tax-free status given to certain nonprofit organizations and governmental entities. Churches, charities, and government buildings do not pay property tax because of their tax-free status. ...
group of at least two people or businesses combining to engage in a real estate project that would exceed their individual financial abilities. A syndication allows earning to be ...
Document issued by a public or private institution to perform some activity according to legal requirements. There is usually a license fee. An example is a real estate license. ...
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.