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Overage or land-sale overage (also called “claw back”) is a term in land sales used to describe a sum of money in addition to the original sale price which a seller of land may be entitled to receive following completion if and when the buyer complies with agreed conditions.
A retention of title clause (also called a reservation of title clause or a Romalpa clause in some jurisdictions) is a provision in a contract for the sale of goods that the title to the goods remains vested in the seller until the buyer fulfils certain obligations (usually payment of the purchase price).
The sale of land is governed by the laws and practices of the jurisdiction in which the land is located. Real estate called leasehold estate is actually a rental of real property such as an apartment, and leases (rental contracts) cover such rentals since they typically do not result in recordable deeds .
If the broker is a member of the National Association of Realtors, the agreement must include all of the following terms: A beginning date and a termination date. The list price at which the property will be offered for sale. The amount of compensation offered to the broker, whether it is in the form of a flat fee or percentage of the sales price.
The legal status of land contracts varies between jurisdictions. [vague] Since a land contract specifies the sale of a specific item of real estate between a seller and buyer, a land contract can be considered a special type of real estate contract. In the usual more conventional real estate contracts, a seller does not provide a loan to the ...
A mortgagee clause protects the lender even if the damage to the property was intentional and would otherwise void the insurance policy. If you’re like most homeowners, you’ll need a mortgage ...
Market value is the prevailing, but not exclusive measure of determining the just compensation owed to a landowner under the Fifth Amendment. Fair Market Value is defined by appraisers as the most probable price, in terms of cash that would be paid by a willing buyer to a willing seller, each being fully informed of the property's good and bad features, with the property being exposed on the ...
In property law, a condition subsequent is an event which terminates a party's interest in a property. [6] When land rights are subject to a condition subsequent, this creates a defeasible fee called a fee simple subject to condition subsequent. In such a fee, the future interest is called a "right of reentry" or "right of entry." There, the ...