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Acceleration clauses are most prevalent in mortgages and similar contracts to purchase real estate in installments. In a mortgage contract, activation of an acceleration clause may operate as a precursor to a foreclosure action through which a lender may legally compel the sale of the property that the borrower acquired by using the mortgage ...
A covenant, in its most general sense and historical sense, is a solemn promise to engage in or refrain from a specified action. Under historical English common law, a covenant was distinguished from an ordinary contract by the presence of a seal. [1] Because the presence of a seal indicated an unusual solemnity in the promises made in a ...
Blockbusting is a business practice in the United States in which real estate agents and building developers convinced residents in a particular area to sell their property at below-market prices. This was achieved by fearmongering the homeowners, telling them that racial minorities would soon be moving into their neighborhoods.
Building contingencies into the contract: Most real estate contracts have contingencies that give sellers cause to back out. For instance, the seller may say they will only sell their property if ...
A real estate transaction is the process whereby rights in a unit of property (or designated real estate) are transferred between two or more parties, e.g. in the case of conveyance one party being the seller (s) and the other being the buyer (s). It can often be quite complicated due to the complexity of the property rights being transferred ...
A boilerplate clause is a legal English term that is used in conjunction with contract law. When forming contracts, parties to the contract often use templates or forms with boilerplate clauses ( boilerplate language, used as standard language). Such clauses refers to the standardized clauses in contracts, and they are to be found towards the ...
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