An assignee is the person or entity to whom an agreement, contract, or property is sold, transferred, or assigned, assuming the rights and obligations originally held by the assignor.
Clawback provisions in laws or contracts limit or reverse a payment or distribution for specified reasons, ensuring financial fairness and compliance.
A Contract for Deed, also known as a Land Contract, is a financing arrangement wherein the seller retains legal title to a property until the buyer completes all payment obligations.
The term 'expire' refers to the end or termination of a lease, contract, or agreement after a specific period or upon the occurrence of a predetermined event. In real estate, expiration typically pertains to the conclusion of lease terms, rental agreements, or any legal document.
A lease purchase agreement, also known as a lease with option to purchase, is a contractual arrangement that combines elements of a traditional rental lease with an option to buy the property within a specified timeframe. It can provide benefits for both buyers and sellers.
An unwritten agreement concerning the sale, rental, or use of real estate, often unenforceable under the Statute of Frauds, with few exceptions such as short-term verbal leases.
A Purchase Offer is a formal document that indicates a buyer's intention to buy a property at a specified price and terms. It serves as the basis for the subsequent negotiation and contract phase in real estate transactions.
Stipulations are specific terms or conditions outlined within a written contractual agreement. These conditions must be met for the contract to be enforceable or finalized.
A tax stop is a clause in a lease agreement that sets a limit on the amount of property taxes the lessor (landlord) is responsible for paying. Any property taxes exceeding this limit are paid by the lessee (tenant).
