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A shotgun clause (or Texas Shootout Clause [1]) is a term of art, rather than a legal term. It is a specific type of exit provision that may be included in a shareholders' agreement, and may often be referred to as a buy-sell agreement. The shotgun clause allows a shareholder to offer a specific price per share for the other shareholder(s ...
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[19] Under title theory, a mortgage has the effect of a deed passing legal title, though conditionally, of the mortgaged property to the mortgagee (the lender in a loan agreement being secured by the mortgage), with so-called "equitable title" (which is really equity of redemption) being retained by the mortgagor (the borrower in the loan). The ...
For example, the contract may say that the property is sold as is, especially if demolition is intended. Alternatively there may be a representation or a warranty (guarantee) regarding the condition of the house, building, or some part of it such as affixed appliances, HVAC system, etc. Sometimes a separate disclosure form specified by a ...
Johnnie Jefferson, an 85-year-old resident of Richmond, Texas, says she faces the heartbreaking prospect of losing the six-bedroom house she has lived in for more than 20 years after a ...
A transmutation agreement is a postnuptial agreement that changes the character of the spouses’ property from community to separate, or vice versa. It may be used to change the character of property to be acquired in the future, as well as property that the spouses own at the time of the agreement.
If a couple buys a house together after marriage, it is considered marital property. In community property states, the home and its equity are typically split 50/50 between the spouses.
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