Real Estate Terms : A to Z
An agency relationship created by the actions, behavior or statements of the Principal and/or the Agent upon which a third party relies. Ostensible Agency may be found by a court where no agency …
Continue Reading about Agency by Estoppel (Ostensible Agency) →
An agency relationship where the authority to represent is imputed to the Agent as a result of an emergency situation to protect the interests of the Principal. …
Agency by ratification refers to a situation in which a principal, typically a property owner or a party in a real estate transaction, explicitly or implicitly approves and accepts the actions of an …
In real estate, adjustments refer to the prorated expenses that are divided between the buyer and seller at the time of closing. They ensure that both parties pay their fair share of costs, such as …
A person empowered by a Principal to act on behalf of the Principal in dealings with third parties. The third party is entitled to rely upon the agreement, assurances or statements of the Agent as …
A person appointed by a Court to deal with the estate of a deceased person who died without leaving a will (who dies "intestate"). Note, an executor is a person who is named in a will to deal with the …
Real Estate Terms : A to Z