Liquidated damages

Liquidated damages occur when, by contractual agreement, defaulted earnest money becomes the personal property of the seller.

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Life estate

An interest in real or personal property that is limited in duration to the lifetime of its owner or some other designated person.

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Lien

(1) A right is given by law to certain creditors to have their debt paid out of the property of a defaulting debtor, usually by means of a court sale. (2) A worst-nightmare situation for home sellers and their agents is having a lien placed against their residence. This happens when a party says they are […]

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License

A privilege or right granted to a person by a state to operate as a real estate broker or salesperson. 2. The revocable permission for temporary use of land – a personal right that cannot be sold.

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Levy

To assess, seize, or collect. To levy, a tax is to assess a property and set the rate of taxation. To levy, an execution is to seize officially the property of a person to satisfy an obligation.

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Legality of object

An element that must be present in a valid contract. If a contract has for its object an act that violates the laws of the United States or the laws of a state to which the parties are subject, it is illegal, invalid, and not recognized by the courts.

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