A clause often included in an offer to purchase when the buyer has a home sale contingency. If a buyer needs to sell another property in order to be able to purchase the subject property, they will often also include a bump clause to make the home sale contingency more acceptable to the seller. When an [...]
A deed in which the grantor warrants clear title to a property. The warranty deed is the most protective of all deeds and offers the grantee five covenants: seisin, against encumbrances, further assurance, quiet enjoyment and warranty forever.
Refers to a type of lease a commercial tenant enters into in a retail, industrial or office property. Triple net describes a type of tenancy in which the tenant pays not only rent, but also pays for three other major expenses associated with the lease 1) property taxes, 2) insurance and 3) common area maintenance. The [...]
Housing constructed prior to 1978, which under the Lead Based Paint Disclosure Law, requires a Lead Based Paint Addendum included with the Offer to Purchase. The exemptions from the law include housing for the elderly, housing for the disabled or zero bedroom dwellings.
A form of real estate ownership in which each tenant (owner) holds an undivided fractional interest in the property. Tenants in common hold their interest in severalty. That is because the co-owners own separate interests, each can sell, convey, mortgage or transfer his or her interest without the consent of the other co-owners. Aso: Joint Tenancy, [...]
A term in contract law, and used on offers to purchase real property that indicates that the parties to the agreement must perform by the time to which the parties have agreed, if a delay will cause material harm.
An insurance contract that protects the buyer against financial loss from defects in title to real property due to title defects, liens or other matters. Normally when a property is transferred the seller provides a title policy to the buyer at closing. If the buyer is financing the purchase, the mortgage company will require a buyer’s [...]