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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 ...
The Interstate Land Sales Full Disclosure Act of 1968 ( ILSFDA or ILSA or "Act") was an act of Congress passed in 1968 to facilitate regulation of interstate land sales, to protect consumers from fraud and abuse in the sale or lease of land. The Act was patterned after the Securities Act of 1933 and required land developers to register ...
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 ...
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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