A third party is an individual or entity that is not directly involved in a transaction or contract but may still be involved or affected by it. Third parties serve different roles in real estate transactions, such as tenants, escrow agents, or other relevant stakeholders.
The Uniform Commercial Code (UCC) is a comprehensive set of laws governing all commercial transactions in the United States. It is not a federal law, but a uniform act that different states have adopted to harmonize the law of sales and other commercial transactions across the U.S.
