Unjust Enrichment
Definition of "Unjust enrichment"
Person or business that benefits from the work of another person or business. The recipient has not compensated the other party for this gain. In law, the one being enriched at the sacrifice or detriment of the other party must provide restitution. assume an electrician did work for Mr. Smith who suddenly died before making payment. The new owner of the house is legally obligated to pay the bill.
Popular Real Estate Terms
A binding arbitration is a way to solve disputes without going to court. An alternative to the more expensive and lengthy legal procedures, a binding arbitration is basically the process ...
A legal procedure to sell a mortgage property to the highest bidder in order to satisfy a mortgage claim from a mortgagee against the value o the property. A foreclosure sale can occur from ...
Series of sloping horizontal slats most frequently mounted in doors and windows permitting the passage of air while restricting vision and preventing rain from entering the building. ...
Language commonly used in a fee simple title conveyance. The significance is whether the title is clear and can be passed on to the purchaser's estate including all heirs and those who may ...
(1) The interest rate charged on a construction loan. (2) The rate at which construction loan progress payments are made. See also bridge loan; bullet mortgage; development loan. ...
person's behavior partly genetic and partly learned through experience over time. Some people have good personal traits while others have poor ones. ...
In everyday discourse, a merger defines the combination of two entities, be it real estate or two companies, into a single and legit one. We should make a difference between a merger and ...
Same as term financial institutions: Institutions acting as intermediaries between suppliers and users of money. The financial markets are where those wanting funds are matched with those ...
Interest rate on a loan that varies periodically based on some related measure. If interest rates are currently high and a prospective buyer of a home believes future interest rates will be ...
Comments for Unjust Enrichment
can the doctrine of unjust enrichment apply when a buyer / seller benefits from the work, effort expertise and outlay of money of a real estate agent, only to have that buyer/seller buy / sell on their own ?
May 30, 2020 11:41:13Hey, Ken! There are different types of listing agreements that have different terms and requirements. We have an article about what you need to know when you hire a real estate agent that talks about the different types of listing agreements. Whether unjust enrichment applies to that particular situation is a matter that needs to be addressed by a real estate attorney, since there could be gray areas. We highly suggest that in this situation you reach out to a real estate attorney.
Jun 11, 2020 12:24:16Have a question or comment?
We're here to help.