Without Recourse
Definition of "Without recourse"
The company is not responsible to a third party if an account or financial instrument is dishonored by the debtor. The creditor's recourse is solely to the debtor's property. An example is when a company sells accounts receivable to a factor to obtain money. If the customer defaults, the factor cannot recover the amount due from the company.
Popular Real Estate Terms
To leave property. An example is a tenant who moves from the apartment and takes all her possessions at the termination of the rental period. If a tenant leaves before the lease expires, ...
Valuing real property based on the expected cost to buy property of identical value. The replacement cost to build a structure should be based on current prices. The appraisal should ...
Distribution of population over a given area of land. ...
Property held by an individual, such as furniture. ...
A public foreclosure sale where public notice is given anyone is allowed to participate. Normally, a public sale occurs because of the property owner's failure to pay taxes. ...
The definition of cooperative housing is well known by real estate agents because they are often involved in the selling process, in most cases. Cooperative housing is a form of ...
Unroofed, paved area built adjacent to an apartment building or residence. ...
As the term “servient” comes from the root word “serve” and to serve means to perform a duty or a service for another entity, its meaning is easy to define. The term ...
Replacement of a major component of property by another component that will result in better performance capability. Increases overall efficiency of the property. ...
Have a question or comment?
We're here to help.