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A 72-hour clause, typically inserted in real estate sale contracts, is also known as an escape clause, release clause, kick-out clause, hedge clause or right of first refusal clause. [ 1 ] The 72-hour clause is a seller contingency which allows the seller to accept a buyer's contingent offer to purchase his/her property, while allowing the ...
Price on application (sometimes price on asking), more commonly abbreviated as POA, is a term often seen on price lists, classified advertisements and is commonly used with regard to real estate prices. It means the seller or selling agent must be contacted in order to obtain the price.
A conditional sale is a real estate transaction where the parties have set conditions. [1] [2] A standard real estate transaction usually begins when a prospective purchaser submits an offer to purchase to the vendor of a property. As in a standard offer, a conditional offer sets out the terms of the sale such as the purchase price, the date of ...
v. — versus. Used when plaintiff is listed first on a case title. John Doe v. Richard Roe. See also "ad." above. "vs." is used in most scholarly writing in other fields, but "v." alone in legal writing. VC or V-C – Postnominals of the Vice-Chancellor of the High Court (England and Wales) VOP - Violation of probation
A real estate contract typically does not convey or transfer ownership of real estate by itself. A different document called a deed is used to convey real estate. In a real estate contract, the type of deed to be used to convey the real estate may be specified, such as a warranty deed or a quitclaim deed. If a deed type is not specifically ...
Side letters may also be used in relation to private fund contracts, for example a particular investor may wish to vary the terms of a limited partnership agreement with respect to that particular investor. An investor might be seeking more favourable terms under the contract or might need the side letter to enter the venture under terms to ...
Typically this occurs after the buyer gets the property under contract and during the period that it is performing due diligence. The buyer may raise a due diligence issue and demand a purchase price adjustment to a lower re-trade price. The seller can be left in a bad situation where it must either accept the lower price or lose the sale and ...
An option contract is a type of contract that protects an offeree from an offeror's ability to revoke their offer to engage in a contract. Under the common law, consideration for the option contract is required as it is still a form of contract, cf. Restatement (Second) of Contracts § 87(1).
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