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When property prices are in decline, the practice of gazumping becomes rare. The term 'gazundering' has been coined for the opposite practice, whereby the buyer waits until everybody is poised to exchange contracts before lowering the offer on the property, threatening the collapse of a whole chain of house sales waiting for the deal to go through.
In United States law, the term Glomar response, also known as Glomarization or Glomar denial, [1] means to respond evasively to a question with the phrase "neither confirm nor deny" (NCND). [2] For example, in response to a request for police reports relating to a certain person, the police agency may respond: "We can neither confirm nor deny ...
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 ...
Instead the place fell into foreclosure and Dyson purchased it himself on the auction block, and then flipped it for $265,000 to the man who had made the original offer.
In general, the owner must make the same offer to the option holder before making the offer to the buyer. The right of first refusal is similar in concept to a call option. A ROFR can cover almost any sort of asset, including real estate, personal property, a patent license, a screenplay, or an interest in a business.
Losing the ability to keep up with your mortgage payments due to a job loss, illness or other misfortune can put you into foreclosure on your mortgage. If that has happened to you — or you are ...
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 ...
A real estate transaction is the process whereby rights in a unit of property (or designated real estate) are transferred between two or more parties, e.g. in the case of conveyance one party being the seller(s) and the other being the buyer(s). It can often be quite complicated due to the complexity of the property rights being transferred ...