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Contracts
Contract Related Terms
Term | Definition |
---|---|
Misrepresentation | An innocent misstatements of facts |
Fraud | An intentional mis-statement of facts. |
Silent Fraud | The act of withholding information concealed property defects from buyer. |
Undue Influence | One party has taken advantage of another |
Specific Performance | Legal action taken to obtain a court order directing the breaching party to act under the terms of contract |
Liquidated Damages | An amount of money paid to a party in the contract to fully satisfy any damages suffered. |
Rescission | A termination of valid contract |
Equitable Title | Legal interest that the buyer acquires in a property after signing of sales contract. |
Caveat Venditor | Let seller beware.”bought as is” |
Assignment | A legal instrument used to transfer rights and obligations from a contract party to another |
Breach of Contract | A violation of any of the terms or conditions of a contract without legal excuse. |
Termination of contract | Rescission, termination for legal reasons, subject to finance, no sale, take to long, any offer can be revoked |
Optionor | Seller/ owner |
Optionee | A possible purchaser or lessee |
Bundle of Rights | The right to own real estate as a freehold Estate including legal rights such as possession, enjoyment,lease, sell, will, mortgage. |