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Real Estate Study

Real Property - Contracts

QuestionAnswer
Option Agreement Owner agrees to keep an offer open to sell or lease real property for a specified time and may receive money to hold it
Option Contract Example of Unilateral contract
Land Contract Seller is vendor and buyer is vendee
Contract for deed Also knows as land contract, installment contract. Seller retails legal title to property until final payment made
Contingencies These require the completion of a certain act or promise before contract is binding
Liquidated Damages Clause that requires compensation be paid if one party breaches contract
Forfeiture clause Under certain circumstances one party must forfeit or give something to other part.
Caveat Venditor Seller Beware
Exculpatory Clause found in a contract relieving a party from liability for injuries to other party.
Indemnification Clause found in contract. One party agrees to compensate other for a loss or damage that is sustained.
Liquidated Pre-authorized by the contract
Actual Damages Those that compensate for the cost of that which has been lost
Punitive damages Unrelated to the cost of the lost but only punishes the wrong-doer
Independant Contractor Status of person's employment where broker can regulate working hours, office routine, attendance at meeting and may without Social Security, FICA.
Real Estate Land and all attachments to land
Real Property Land, all attachments, plus bundle of rights
Fructus Naturales Fruits of nature, do not require annual cultivation and considered real property
Emblements Crops that do require annual cultivation and are personal property
Riparian Rights Granted to owners of land along a river, stream or lake.
Littoral Rights Granted to owners of land that borders on large water, oceans. Ownership is to mean high water mark.
Accretion Land increases by deposit of soil by waters action.
Reliction When water recedes and new land is acquired.
Avulsion Sudden loss of land, usually happens from natural disasters
Erosion Gradual wearing away of land.
Intention, Method of annexation, Adaptation to real estate, agreement What the court uses to determine if something is real or personal property.
Created by: stephavery