Definition of "Duress"
Act of forcing an individual or business to do something against their will. It is a legitimate defense in court to reserve the effect of the compelled act.
Popular Real Estate Terms
Small furnace placed between the studs of a wall. It is typically electric, but in the past more frequently was gas. ...
Tile placed on a wall as decoration, such as in a bathroom or kitchen. ...
Claim of a person or business to real property such as by exercising an option. ...
An accessory building is an outdoor structure used by the occupants of the main building or house. They have different functions and can be detached or attached to the main building on the ...
The basic home inspection definition is well-known for everyone, right?However, when it comes to real estate, the term “inspection” can serve a bunch of purposes – but the ...
Statement made verbally. It is better legally to have a written statement because verbal ones without witnesses may be denied. ...
Increase in the outstanding loan balance arising when the mortgage payment does not fully meet the interest charge on the loan. This occurs under indexed loans or when the indexed rate ...
Valuation method for land or improvements to property. It takes into account gross rentals less operating expenses. ...
A clause inserted in a mortgage agreement requiring a future buyer of the subject property to obtain the consent of the lending institution prior to assuming the mortgage. In this ...
Comments for Duress
I would like to know why a law does not exist that forces real estate agents to say to vendors to take sale contract home or to their lawyers to verify. They always place contracts in front of people and point a finger to the signatory spor and say "sign here". I once said "I need to take contract home to think about it" and the agent immediately said "No, you can't, the purchaser will place an offer elsewhere". Is this action not considered duress. They are pushy and play on people's emotions.
Aug 20, 2019 23:25:44Hello! Thank you for bringing up this issue. There must be clients who have the same question. However, the answer is quite simple. Don't go alone! Whenever you have to sign a contract, ask a professional to join you - ideally, a lawyer. There is a lot of jargon and many real estate terms that you may not fully understand. If you want to study the contract, I'm sure that nobody would mind if you actually took the time to read it. If they didn't feel comfortable with this, then it would be a good idea to leave and do business with somebody else. Contracts are very powerful documents and both parties must know exactly what they are getting themselves into. As for the fact that agents play on people's emotions, this is true for all businesses. Emotions are the essence of marketing.
Aug 26, 2019 16:14:05Have a question or comment?
We're here to help.