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A 72-hour clause, typically inserted in real estate sale contracts, is also known as an escape clause, release clause, kick-out clause, hedge clause or right of first refusal clause. [1] The 72-hour clause is a seller contingency which allows the seller to accept a buyer's contingent offer to purchase his/her property, while allowing the seller ...
Equitable conversion is a doctrine of the law of real property under which a purchaser of real property becomes the equitable owner of title to the property at the time he/she signs a contract binding him/her to purchase the land at a later date. The seller retains legal title of the property prior to the date of conveyance, but this land ...
The merger also refers to the doctrine whereby "a fee simple estate, once fragmented into present and future interests, can thereafter be reconstituted. 'Merger is the absorption of a lesser estate by a greater estate, and takes place when two distinct estates of greater and lesser rank meet in the same person or class of persons at the same time without any intermediate estate.' "[1 ...
Contracts for the sale of goods totaling $500.00 or more. In an action for specific performance of a contract to convey land, the agreement must be in writing to satisfy the statute of frauds. The statute is satisfied if the contract to convey is evidenced by a writing or writings containing the essential terms of a purchase and sale agreement ...
A purchase and sale agreement ( PSA ), also called a sales and purchase agreement ( SPA) [ 1] or an agreement for purchase and sale ( APS ), [ 2] is an agreement between a buyer and a seller of real estate property, company stock, or other assets. The person, company, or other legal entity acquiring, receiving, and purchasing the property ...
A buyer who has entered into a contract with a seller who wants to back out should consult a real estate attorney. If the buyer wants to take the case to court, they may have grounds to sue the ...
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