In real estate, a surety is an individual or entity that guarantees the performance of obligations or responsibilities, usually relating to contractual agreements. This acts as a safety net ensuring that the party performing the work will fulfill their commitments, or the surety will step in to cover any losses or damages.
Conditions and arrangements specified in a contract, determining the obligations, rights, and conditions particular to an agreement between parties involved in a real estate transaction.
A waiver is the voluntary renunciation, abandonment, or surrender of a claim, right, or privilege, often formalized through a written statement. In real estate, waivers are commonly used to relinquish specific rights or stipulations within contracts or agreements.
