Most land contracts have a forfeiture clause. A forfeiture clause generally states that if the buyer violates the contract, the seller can keep all of the money that has been paid to him. The seller can also take over the house. The seller cannot let the contract expire without a forfeiture clause. BALLOON PAYMENT – The final payment of a bond or commitment that is much higher than previous staggered payments and which prepays the entire debt; the balance due to the maturity of a debt or a commitment. NOTE – (1) Legal communication is a legal notification or communication transmitted by the property or registration of documents by the application of the law. (2) Notification that is contractually necessary, z.B. if the parties agree to terminate a contract by written notification of one of the parties 30 days before termination. BILL OF SALE – A written agreement by which a person sells, withdraws or transfers his or her right to personal property.
PURCHASE MONEY MORTGAGE – A mortgage that is given to the seller as part of the buyer`s consideration for the purchase of real estate and delivered at the same time as the property is transferred as part of the transaction. PREMISES – The property in question, z.B. the property that is said, or the unit that is leased. These rights are generally conferred by law on the supply company or authority – the parties must verify whether the contracting authority has such rights and that the contracting authority has the right to delegate or transfer those rights to the service provider. If it is unable to delegate powers, it must continue these activities for the duration of the contract and the contract must apportion responsibility and responsible commitments between the parties. YEAR-TO-YEAR TENANCY – A periodic lease in which rent is reserved from year to year. ABSORPTION RATE – An estimate of the speed at which a certain classification of surfaces is sold or occupied each year, such as new offices, new dwellings, new dwellings, etc. BUNDLE OF RIGHTS – A property concept that describes all legal rights related to real estate ownership, including law, leasing, leasing, use, user, exclusions, exclusions, wills. SETBACK – Zoning restrictions on the amount of land required for improvements; space between the draw line and the building line. VOIDABLE – A contract that appears to be valid and applicable on his face, but which must withdraw from one of the parties acting in a form of obstruction, for example. B minor or under duress or unreasonable; which can be avoided or cancelled, but which, in itself, is annigible.