Liquidated Damages
An amount of money provided for in a contract as compensation if the contract is not fulfilled. An example is an offer to buy real property that includes a provision that once the seller accepts the offer, if the buyer does not complete the purchase, the seller may keep the buyer's deposit as damages.
Popular Real Estate Terms
Drilled well where water rises through the opening because of naturally occurring water pressure. ...
You can frequently encounter “circa” in everyday discourse, referring to an approximation as an approximate date. Variations of circa are: about, near, and roughly. The ...
Market condition in which sellers exceed buyers, thereby causing prices to fall. In real estate, declining markets may result from unfavorable business conditions and high interest rates. ...
Roof with one side that is at a sloped angle. ...
Written acknowledgment by an individual holding title to property that it is being held in trust for another. ...
The word’s etymology reflects several diverse or seemingly unrelated topics under the same umbrella. As part of everyday discourse, you’ll find the term “omnibus” ...
The after-acquired title is used in property law when a property seller acquires the property’s title once they already sold the property to the buyer. In this situation, the title is ...
Persons considered legally capable of entering into a binding contract. ...
The act or process of decreasing in size. The total amount of decrease. ...
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