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Estoppel Certificate A document provided by a lender which reveals all the terms of a loan as requested by the borrower or ordered by the court.
Exclusive Agency Listing One broker is named as the exclusive agent of the seller, but the seller reserves the right to locate a buyer without paying a commission.
Exclusive Right-To-Sell One principal broker is designated to represent the seller and receive a commission when the buyer is found, regardless of who finds the buyer.
Lease with an Option to Purchase A lease contract which allows the lessee the right to purchase the property. Sometimes a portion of the rent will apply to the down payment if the right is exercised. The rent is the non-refundable consideration.
Listing An agency agreement between a seller and a principal broker. The owner authorizes the broker to place the property on the market and seek a ready, willing, and able buyer and to pay consideration if the broker is successful.
Net Listing An illegal listing wherein the seller identifies an acceptable amount for the property and everything above that figure will be commission to the agent.
Open Listing A listing agreement that can be given to as many principal brokers, on the same property, as the seller desires. It is a non-exclusive listing.
Option Contract A contract wherein a seller agrees to sell property for a set amount and specified terms, if the buyer chooses to exercise that right to purchase during the contracted period of time. In return for the seller taking his property off the market, the buye
Optionee One who receives an option
Optionor One who gives an option
Procuring Cause Doctrine A doctrine governing who gets the selling portion of the commission. It says the agent who set up an uninterrupted chain of events that led to the closing earned the commission.
Right of First Refusal A right given to a prospective purchaser to be able to meet the price and terms at which the owner is willing to sell the property to another party. Unlike an option, the seller is under no obligation to withdraw his property from the market.
Safety Clause A clause in a listing contract that protects the listing broker from the seller's attempt to sell the property after the expiration of the listing to avoid paying a commission.
To and Through Doctrine An approach which says the agent who first showed the property to the buyer earns the selling portion of the commission.
Vendee One who buys or offers to buy.
Vendor One who sells or offers to sell.
Created by: ryan0099