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An Estoppel Certificate (or Estoppel Letter) is a document commonly used in due diligence in real estate and mortgage activities. It is based on estoppel, the legal principle that prevents or estops someone from claiming a change in the agreement later on. [1] It is used in a variety of countries for commercial and residential transactions.
A contingency clause in a real estate purchase agreement specifies an action or requirement that must be met, within a particular time frame, for the contract to become legally binding. Both the ...
Assessed value: The value of real estate property as determined by an assessor, typically from the county. "As-is": A contract or listing clause stating that the seller will not repair or correct ...
Assignment [a] is a legal term used in the context of the laws of contract and of property.In both instances, assignment is the process whereby a person, the assignor, transfers rights or benefits to another, the assignee. [1]
The Companies Act 2006 is the source of shareholder pre-emption rights in British companies.Under Section 561(1) of the Companies Act 2006 a company must not issue shares to any person unless it has made an offer (on the same or on more favourable terms) to each person who already holds shares in the company in the proportion held by them, and the time limit given to the shareholder to accept ...
Federal regulations require that unless its use is specifically exempted, either the HUD-1 or the HUD-1A, as appropriate, must be used for all mortgage transactions that are subject to the Real Estate Settlement Procedures Act. Prior to October 3, 2015, the form was used in closed-end consumer credit transactions that were secured by real ...
The waiver should be unambiguous and clear to a reasonable person; In some jurisdictions (not including the United States), it may be necessary that the parties to the waiver have equal bargaining power; A waiver may have limited application where one contracts for an "essential service" such that it may violate public policy for liability to ...
Ken H. Johnson, a real estate economist at Florida Atlantic University and a former real estate broker, says the new rules just add another layer of complexity to an already-confusing process.