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It remains one of the landmark construction law cases. [1] The owner impliedly warrants the information, plans and specifications which an owner provides to a general contractor. The contractor will not be liable to the owner for loss or damage which results solely from insufficiencies or defects in such information, plans and specifications. [2]
A mortgage is the standard method by which individuals and businesses can purchase real estate without the need to pay the full value immediately from their own resources. See mortgage loan for residential mortgage lending, and commercial mortgage for lending against commercial property.
Mortgage contingency – Performance of the contract (purchase of the real estate) is contingent upon or subject to the buyer getting a mortgage loan for the purchase. Usually such a contingency calls for a buyer to apply for a loan within a certain period of time after the contract is signed.
Many mortgage lenders require borrowers to have a homeowners insurance policy with a mortgagee clause. The mortgagee clause is a provision that protects the lender from financial loss if the ...
United States (312 F.2d 418 (Ct. Cl. 1963), cert. denied, 375 U.S. 954, 84 S.Ct. 444) is a 1963 United States Federal Acquisition Regulation (FAR) court case which has become known as the Christian Doctrine. The case held that standard clauses established by regulations may be considered as being in every Federal contract.
The mortgagor is the person or entity who borrows and pays back a mortgage loan. If you’re getting a mortgage to buy a home, you’re the mortgagor. The mortgagee is the lender, such as a bank ...
Construction law builds upon general legal principles and methodologies and incorporates the regulatory framework (including security of payment, planning, environmental and building regulations); contract methodologies and selection (including traditional and alternative forms of contracting); subcontract issues; causes of action, and liability, arising in contract, negligence and on other ...
An acceleration clause is a section of a mortgage contract that can have big consequences: Namely, it can require you to pay off your entire mortgage at once. Even if you miss only one payment.