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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 ...
A person, A, conveys (gives) a piece of real property called "Blackacre" "to B for life, and then to C and her heirs". B receives a life estate in Blackacre. C holds a remainder, which can become possessory when the prior estate naturally terminates (B 's death). However, C cannot claim the property during B 's lifetime.
A certificate of occupancy is a document issued by a local government agency or building department certifying a building's compliance with applicable building codes and other laws, and indicating it to be in a condition suitable for occupancy.
Contingencies could also be made on the satisfactory repair of a certain item associated with the real estate. Another sale contingency – Purchase or sale of the real estate is contingent on a successful sale or purchase of another piece of real estate. The successful sale of another house may be needed to finance the purchase of a new one.
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.
The agreement is likely to spell an end to the traditional practice of home sellers paying commissions for both the seller's and the buyer's real-estate agents. In central Ohio, the commission is ...
New year, same old real estate market: The high mortgage rates, scarce inventory and dismal affordability that have plagued housing look set to linger. NBC Universal 2 months ago The housing ...
In property law and real estate, a future interest is a legal right to property ownership that does not include the right to present possession or enjoyment of the property. Future interests are created on the formation of a defeasible estate ; that is, an estate with a condition or event triggering transfer of possessory ownership.