Definition of "Duress"
Act of forcing an individual or business to do something against their will. It is a legitimate defense in court to reserve the effect of the compelled act.
Popular Real Estate Terms
member of the National Association of Real Estate Brokers, Inc. ...
To sell property from one to the other and transfer all title and interest. Property is conveyed by bill of sale, contract, deed or other instrument. ...
There’s a time when it’s neither a Buyer’s Market nor a Seller’s Market. We call it “Renter’s Market”. It’s that time where, despite ...
Linear measurement of property abutting a road or water body acting as a boundary market. ...
Document, such as a deed, which demonstrates property ownership. ...
Agreement in which some terms are yet to be carried out. The contract is still not fully completed. ...
A professional society which is an affiliate of the National Association of Real Estate Brokers. The purpose of the NSREA is to formulate rules of ethics and professional conduct and ...
A stated of years. The length of time something is effective, such as a two-year rental. A condition specified in an agreement. An example is that the tenant must not have a cat in ...
Provision in a lease agreement in which the lessee is given the right to buy the property at the end of lease term. In many cases, the option price is attractive to encourage acquisition. ...
Comments for Duress
I would like to know why a law does not exist that forces real estate agents to say to vendors to take sale contract home or to their lawyers to verify. They always place contracts in front of people and point a finger to the signatory spor and say "sign here". I once said "I need to take contract home to think about it" and the agent immediately said "No, you can't, the purchaser will place an offer elsewhere". Is this action not considered duress. They are pushy and play on people's emotions.
Aug 20, 2019 23:25:44Hello! Thank you for bringing up this issue. There must be clients who have the same question. However, the answer is quite simple. Don't go alone! Whenever you have to sign a contract, ask a professional to join you - ideally, a lawyer. There is a lot of jargon and many real estate terms that you may not fully understand. If you want to study the contract, I'm sure that nobody would mind if you actually took the time to read it. If they didn't feel comfortable with this, then it would be a good idea to leave and do business with somebody else. Contracts are very powerful documents and both parties must know exactly what they are getting themselves into. As for the fact that agents play on people's emotions, this is true for all businesses. Emotions are the essence of marketing.
Aug 26, 2019 16:14:05Have a question or comment?
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