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The rule against perpetuities serves a number of purposes. First, English courts have long recognized that allowing owners to attach long-lasting contingencies to their property harms the ability of future generations to freely buy and sell the property, since few people would be willing to buy property that had unresolved issues regarding its ownership hanging over it.
Real estate contingencies provide a way for one or both parties to back out of a real estate contract if certain specified conditions are not met — in other words, the sale is contingent upon ...
The Fifth Amendment's Takings clause does not provide for the compensation of relocation expenses if the government takes a citizen's property. [1] Therefore, until 1962, citizens displaced by a federal project were guaranteed just compensation for the property taken by the government, but had no legal right or benefit for the expenses they paid to relocate.
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 ...
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 ...
An executor is a type of personal representative who’s specifically designated in someone’s will to carry out their final wishes and distribute their assets. A financial advisor can be […]
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.
Hamer v. Sidway, 124 N.Y. 538, 27 N.E. 256 (N.Y. 1891), was a noted decision by the New York Court of Appeals (the highest court in the state), New York, United States.It is an important case in American contract law by establishing that forbearance of legal rights (voluntarily abstaining from one's legal rights) on promises of future benefit made by other parties can constitute valid ...