Real Property - Contracts
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| Option Agreement | Owner agrees to keep an offer open to sell or lease real property for a specified time and may receive money to hold it
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| Option Contract | Example of Unilateral contract
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| Land Contract | Seller is vendor and buyer is vendee
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| Contract for deed | Also knows as land contract, installment contract. Seller retails legal title to property until final payment made
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| Contingencies | These require the completion of a certain act or promise before contract is binding
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| Liquidated Damages | Clause that requires compensation be paid if one party breaches contract
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| Forfeiture clause | Under certain circumstances one party must forfeit or give something to other part.
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| Caveat Venditor | Seller Beware
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| Exculpatory Clause | found in a contract relieving a party from liability for injuries to other party.
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| Indemnification Clause | found in contract. One party agrees to compensate other for a loss or damage that is sustained.
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| Liquidated | Pre-authorized by the contract
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| Actual Damages | Those that compensate for the cost of that which has been lost
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| Punitive damages | Unrelated to the cost of the lost but only punishes the wrong-doer
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| Independant Contractor | Status of person's employment where broker can regulate working hours, office routine, attendance at meeting and may without Social Security, FICA.
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| Real Estate | Land and all attachments to land
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| Real Property | Land, all attachments, plus bundle of rights
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| Fructus Naturales | Fruits of nature, do not require annual cultivation and considered real property
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| Emblements | Crops that do require annual cultivation and are personal property
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| Riparian Rights | Granted to owners of land along a river, stream or lake.
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| Littoral Rights | Granted to owners of land that borders on large water, oceans. Ownership is to mean high water mark.
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| Accretion | Land increases by deposit of soil by waters action.
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| Reliction | When water recedes and new land is acquired.
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| Avulsion | Sudden loss of land, usually happens from natural disasters
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| Erosion | Gradual wearing away of land.
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| Intention, Method of annexation, Adaptation to real estate, agreement | What the court uses to determine if something is real or personal property.
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