Definition of "Mistake"
Unintentional error. An example is a house that the seller wants $1,000,000 for but it is mistyped as $100,000. An error may be unilateral or mutual. Some types of errors are the basis to rescind a contract.
Popular Real Estate Terms
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Contractual provision allowing an individual or business to renege on a commitment in certain cases without being penalized. ...
A married partner. Property may be jointly held by spouses. ...
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Sale that is finalized only in the case of a particular occurrence or eventuality. ...
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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. ...
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