Tag: Clauses
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Arbitration Clause
Arbitration clause What does Arbitration clause mean in American Law? The definition of Arbitration clause in the law of the United States, as defined by the lexicographer Arthur Leff in his legal dictionary is: See arbitration. English Legal System: Arbitration Clause In the context of […]
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Grandfather Clause
Grandfather Clause…
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Habendum
Legal Definition and Related Resources of Habendum Meaning of Habendum That part of a conveyance which determines the quantity of the interest conveyed; at common law where the quantity of the estate is expressed in the granting clause or the […]
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Dragnet Clause
Concept of Dragnet Clause in the context of Real Property A short definition of Dragnet Clause: A clause in a mortgage or deed of trust which places the real estate as security for existing debts between the parties.
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Call Option
An option contract that gives its holder the right (but not the obligation) to purchase a specified number of shares of the underlying stock at the given strike price, on or before the expiration date of the contract….
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Fha Escape Clause
Concept of Fha Escape Clause in the context of Real Property A short definition of Fha Escape Clause: A clause stating that the buyer (borrower) shall not be obligated to buy nor shall any deposit be lost if the appraisal is less than the agreed upon amount.
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Fha Escape Clause
Concept of Fha Escape Clause in the context of Real Property A short definition of Fha Escape Clause: A clause stating that the buyer (borrower) shall not be obligated to buy nor shall any deposit be lost if the appraisal is less than the agreed upon amount.
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Automatic Extension
Concept of Automatic Extension in the context of Real Property A short definition of Automatic Extension: A clause in a document such as a lease or listing agreement stating that the terms are extended beyond the expiration date unless cancelled by one of the parties. The clause is usually […]
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Revaluation Clause
Concept of Revaluation Clause in the context of Real Property A short definition of Revaluation Clause: A clause in a lease calling for a periodic revaluation (appraisal) of the leased property, and subsequent adjustment of rent.
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Revaluation Clause
Concept of Revaluation Clause in the context of Real Property A short definition of Revaluation Clause: A clause in a lease calling for a periodic revaluation (appraisal) of the leased property, and subsequent adjustment of rent.
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Or More Clause
Concept of Or More Clause in the context of Real Property A short definition of Or More Clause: A clause in a note, mortgage, or deed of trust, allowing for additional payments to be made without penalty. The words or more come after the specified payment.
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Mortgage Saving Clause
Concept of Mortgage Saving (or Savings) Clause in the context of Real Property A short definition of Mortgage Saving (or Savings) Clause: A clause in the CC&R’s (covenants, conditions, and restrictions) which states that a violation of the CC&R’s shall not defeat a subsequent mortgage […]
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Loss Payable Clause
Concept of Loss Payable Clause in the context of Real Property A short definition of Loss Payable Clause: A clause in a fire insurance policy, listing the priority of claims in the event of destruction of the property insured. Generally, a mortgagee or beneficiary under a deed of trust is the […]
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Safety Clause
Concept of Safety Clause in the context of Real Property A short definition of Safety Clause: A clause in a listing protecting the broker from having buyer and seller wait until the listing expires to make a deal, thereby avoiding the payment of commission. The clause states that if the […]
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Subject to Clause
Concept of Subject to Clause in the context of Real Property A short definition of Subject to Clause: A clause in a deed, stating that the grantee takes title subject to an existing mortgage. The original mortgagor is alone responsible for any deficiency, should there be […]