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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 ...
Deferred maintenance is the practice of postponing maintenance activities such as repairs on both real property (i.e. infrastructure) and personal property (i.e. machinery) in order to save costs, meet budget funding levels, or realign available budget monies. The failure to perform needed repairs could lead to asset deterioration and ...
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 ...
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.
In construction, structural repairs is a technical term describing maintenance of a property structure in order to bring it up to local health and safety standards. It is contrasted to renovations or non-structural repairs. Unlike renovations, structural repairs add relatively little value to a property. [1] [2] [3]
An exit clause is a form of condition subsequent that can serve as a form of insurance for the party to whom it applies. [ 4 ] In contract law , a contract may be frustrated on the occurrence of a condition subsequent: in a contract to provide a music hall for a musical performance, the burning down of the music hall may frustrate the contract ...
In the insurance industry, an after acquired property clause allows insurance coverage for property the insured obtains after ratification of the policy or contract. This clause may operate only for a temporary period of time during which the insured must notify the insurer of the property so that the insurer can adjust the premiums accordingly.
The Takings Clause may be enforced against the federal government or against states through incorporation of the 5th Amendment through the Fourteenth Amendment. [22] Moreover, inverse condemnation cases may also arise under state constitutions, most of which include a Takings clause which are interpreted similarly to the Takings Clause in the ...
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