Exculpatory Clause
Definition of "Exculpatory clause"
Contractual clause freeing a party from personal liability. Foe example, an exculpatory clause in a mortgage agreement provides a mortgagor the ability to surrender a mortgage property in the event of a default without risking personal liability.
Popular Real Estate Terms
One-time charge assessed by a bank or other financial institution at the closing of buying real property. The fee increases the effective cost to the borrower. One discount point translates ...
One who represents a zone such an elected leader of a region. He or she have dealings with the county's officials in matters affecting that zone. ...
Building more than six stories high serviced by elevators. ...
Every borrower has his own definition of amortization schedule in mind. An amortization schedule is a table that reveals how the debt is going to be paid back and at what cost. For most ...
Counter action by a defendant against a plaintiff. It is an independent action and just a denial of plaintiff's action. ...
A lender can be a private individual, a private or public group, or an institution that loans funds to a person or business that the lendee would later repay with interest in most cases. In ...
Increasing tax rates with increasing levels of taxable income. ...
The American Dream has cemented the role of homeownership into the collective conscience of the US population. Homeownership provides a place for families to stay that is their own, as well ...
The arrangement of the walls and rooms in a structure. A two-dimensional horizontal scale drawing of the arrangements, size, and orientation of doors, rooms, walls, and windows of a single ...
Have a question or comment?
We're here to help.