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The termination option paragraph of the contract gives a potential buyer, in return for paying an "option fee" to the seller, the unrestricted right to terminate the contract by giving notice of termination to the seller within a certain number of days after the effective date of the negotiated contract.
Lis pendens may refer to any pending lawsuit or to a specific situation with a public notice of litigation that has been recorded in the same location where the title of real property has been recorded. This notice secures a plaintiff's claim on the property so that a sale, mortgage, or encumbrance of the property will not diminish the ...
In all U.S. jurisdictions, a lender who conducts a foreclosure sale of real property that has a federal tax lien must give 25 days notice of the sale to the Internal Revenue Service. Failure to give notice results in the lien remaining attached to the real property after the sale.
In finance, law, and insurance, rescission is the termination of a contract from the beginning (as if it never existed), rendering it void ab initio. In 2009, one judge ruled that borrowers who refinanced into an adjustable-rate mortgage could force a bank to rescind mortgage loans if it acted similarly inappropriately. [ 9 ]
The landlord in Mak served the tenant a notice of termination for an 'owner move-in'. But the landlord rescinded the notice, then entered into a move-out agreement with the tenant, in which the tenant recited that he was not moving out because of the prior notice. The landlord, however, did not move-in, but instead rented the premises to a new ...
Before the closing happens, the settlement agency must ensure that all the money that the lender and buyer expect to send into escrow matches the total amount expected by parties that need to be paid, such as the seller and real estate agents. This matching process means that accounting information is gathered and the order is “balanced.” [8]