Term
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Definition
| Fulfillment of the terms of an agreement to such an extent that the existence of the agreement may be reasonably inferred, even though no written contract exists. |
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Term
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Definition
| After some breach of contract, one may sue for specific performance or ask the court to order the breaching party to perform the terms of the contract. |
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Term
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Definition
| A party will be discharged from performance in the event of certain conditions. Be familiar with Financing contingency, title contingency, and inspection and repair contingency on pp. 123-124 |
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Term
| 5 buyer responsibilities after entering into a contract. |
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Definition
- Obtaan Financing
- Examining the title evidence
- Having property surveyed
- Obtaining property insurance
- Having the property inspected
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Term
| 4 Seller responsibilities after entering into a contract |
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Definition
- Prepare the required deed
- Remove all encumbrances
- Prepare papers with respect to the seller's loan
- Cooperate with inspectors
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