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Contingency clauses “safeguard buyers and sellers by giving them the right to cancel a contract if the terms aren’t met,” says Carlos Del Rio, a real estate attorney in Chicago.
Real estate terminology can be confusing, especially for first-time homebuyers so it's crucial to understand the lingo before buying a home. Skip to main content. Sign in. Mail. 24/7 Help ...
Jaime Uziel knows that as a real estate attorney his clients depend on him to interpret the legalese that's part of any real estate transaction. He's happy to do that, he says, but he also tries ...
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 ...
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Polishing is the process of creating a smooth and shiny surface by rubbing it or by applying a chemical treatment, leaving a clean surface with a significant specular reflection (still limited by the index of refraction of the material according to the Fresnel equations). [1]
Buyer Agency Agreements are where a real estate agent represents the buyer of real estate. With the advent of "Buyer Agency" (Buyer Brokerage) in the early 1990s as opposed to seller agency, a real estate Agent/Broker agrees and contracts to represent the Buyer in his purchase of a home/property. Buyer Agency Agreements were developed to set ...
The closing (also called the completion or settlement) is the final step in executing a real estate transaction. It is the last step in purchasing and financing a property. [1] On the closing day, ownership of the property is transferred from the seller to the buyer.