Real Estate Term of the Day: Escape Clause ESCAPE CLAUSE – a provision in a contract that allows one or more of the parties to cancel all or part of the contract if certain events or situations do or do not happen (Barron’s Dictionary of Real Estate Terms) The most common use of the escape … More Real Estate Term of the Day: Escape Clause
Real Estate Term of the Day: Due Diligence DUE DILIGENCE – making a reasonable effort to perform under a contract; making a reasonable effort to provide accurate, complete information. A study that often precedes the purchase of property, which considers the physical, financial, legal, and social characteristics of the property (Barron’s Dictionary of Real Estate … More Real Estate Term of the Day: Due Diligence
Real Estate Term of the Day: Duel Agency DUEL AGENCY – the situation in which an agent represents more than one party to a transaction (Barron’s Dictionary of Real Estate Terms) The State of Colorado does not allow the practice of duel agency. According to Senate Bill 02-196, Section 6: A broker shall not establish … More Real Estate Term of the Day: Duel Agency
Real Estate Term of the Day: Disclosure Statement DISCLOSURE STATEMENT – a statement required by law, in which sellers of particular kinds of property, or under certain circumstances, must reveal specified information to potential buyers (Barron’s Dictionary of Real Estate Terms) According to the Colorado Exclusive Right-to-Sell Listing Contract (Section 18.2 SELLER’S OBLIGATIONS); the disclosure by the … More Real Estate Term of the Day: Disclosure Statement
LESLIE MONACO REAL ESTATE 