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When your car lease expires, purchasing the vehicle may be a good option if you grow attached to it and want to continue driving it. However, similar to buying a vehicle, a lease buyout comes with ...
Learn several differences between a lease payoff amount vs. buyout price when leasing a vehicle and explore your alternatives in different leasing scenarios.
Even if you're certain you want to buy out your lease, buying at the right time might save you money. There are two types of buyouts: an end-of-lease buyout and an early lease buyout.
In construction contracting, a latent defect is defined as a defect which exists at the time of acceptance but cannot be discovered by a reasonable inspection. [2]In the 1864 US case of Dermott v Jones, the latent defect lay in the soil on which a property had been built, giving rise to problems which subsequently made the house "uninhabitable and dangerous".
An employer may "buy out" an employee's contract by making a single prepayment, so as to have no ongoing obligation to employ the person; A landlord may buy out the remainder of a tenant's lease, effectively paying them to vacate. A government may buy out homes in a floodplain or other area subject to hazard.
Lenders may also accelerate a loan if there is a transfer clause, obligating the mortgagor to notify the lender of any transfer, whether; a lease-option, lease-hold of 3 years or more, land contracts, agreement for deed, transfer of title or interest in the property. The vast majority (but not all) of mortgages today have acceleration clauses.
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