Notice Of Cancellation Clause
Definition of "Notice of cancellation clause"
- A notice, usually in writing, in which notice of termination is given by one individual or business to another. It is pursuant to a cancellation provision in a contract to forestall future liability.
- in insurance, a notice given between an insurer and a reinsure or an insurer and an insured of the termination of a contract or policy at the time of renewal, or, in the latter case, for nonpayment of premium payments. A notice of cancellation can also be issued for a current policy when a renegotiation of its terms is desired. The cancellation of insurance on a home, apartment house, or office building is a serious matter.
Popular Real Estate Terms
Failure or refusal to perform a specified action. The failure to fulfill contractually agreed upon terms or actions. Nonperformance creates a liability which can enable a judicial damage ...
Legal instrument permitting one to grant others general or specific powers for administering their finances. ...
The meaning of a development impact fee or impact fee defines a one-time cost the local government imposes on a brand new or planned development project (regularly on a property developer.) ...
Warm air heating system where ducts are located in the concrete slab of a building constructed without a basement. As the name implies, a perimeter heating system is located around the ...
Everyone is aware of the perplexing complexities of a real estate transaction. Enter Opendoor, a company that aims to simplify this experience. If you're a house hunter, seller, real estate ...
House that can be bought at a low price because it is in poor condition. A buyer who is handy may find it attractive because he can personally make the needed repairs without hiring others. ...
(1) Methods that involve discounting the future cash flows generated by an income property. These techniques are used primarily for valuation. (2) Methods of selecting and ranking ...
A method widely used for evaluating real estate projects. Under the net present value method, the present value (PV) of all cash inflows from the project is compared against the initial ...
Metal or wood channel attached immediately below or along the eaves of a building for the purpose of channeling rainwater away from the structure. The gutter prevents rain runoff from ...
Have a question or comment?
We're here to help.