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The use of a Good Guy Clause allows a renter to be released from liability of the lease if a rental is terminated early, giving tenants less apprehension regarding signing a time bound lease, and satisfying the landlord's worries about reclaiming their space "in the same condition in which they would have been had the lease expired in ...
In addition, certain contracts are required by state law to be in writing (real estate transactions, for example), while others are not. [2] Wade and Honeyman [3] describe a ‘durable’ contract as one in which all parties substantially perform without abandonment and without resorting to legal proceedings. With only anecdotal evidence, it is ...
The rule against perpetuities serves a number of purposes. First, English courts have long recognized that allowing owners to attach long-lasting contingencies to their property harms the ability of future generations to freely buy and sell the property, since few people would be willing to buy property that had unresolved issues regarding its ownership hanging over it.
What is an alienation clause in real estate? An alienation clause is a provision in a mortgage contract requiring the seller to settle any outstanding balance — including any principal and ...
The American rule (capitalized as American Rule in some U.S. states) is the default legal rule in the United States controlling assessment of attorneys' fees arising out of litigation. It provides that each party is responsible for paying its own attorney's fees, [ 1 ] [ 2 ] unless specific authority granted by statute or contract allows the ...
Third-party insurance - A third party may claim under an insurance policy made for their benefit, even though that party did not pay the premiums. Contracts for the benefit of a group , where a contract to supply a service is made in one person's name but is intended to sue at common law if the contract is breached; there is no privity of ...
A typical real estate contract specifies a date by which the closing must occur. The closing is the event in which the money (or other consideration) for the real estate is paid for and title (ownership) of the real estate is conveyed from the seller(s) to the buyer(s). The conveyance is done by the seller(s) signing a deed for buyer(s) or ...
A restraint on alienation, in the law of real property, is a clause used in the conveyance of real property that seeks to prohibit the recipient from selling or otherwise transferring their interest in the property. Under the common law such restraints are void as against the public policy of