Implied Condition
Definition of "Implied condition"
A provision not explicitly stated in an agreement, but considered as an important item. For example, the buyer of a home anticipates it to meet seller's claims as to condition and use.
Popular Real Estate Terms
The term market segmentation is mostly used in marketing for assembling prospective buyers in groups based on their needs and their response to a marketing action. One definition of market ...
First and foremost, the meaning of ‘punitive damages’ defines a financial penalty the defendant has to pay due to their negligent actions. The US legislative branch designed the ...
Federal government agency monitoring and regulating corporate financial reporting and disclosure, use of accounting principles, auditing practices, and trading activities. Its regulations ...
Deed that states "love and affection" as the consideration for the gifted real estate. ...
Road or highway acting as a frontage boundary. ...
Goods that are freely substitutable. It is goods of a given class or type, any unit of which is as acceptable as another, and capable of satisfying an obligation expressed in terms of the ...
(1) Retaining wall constructed along water with solid earth behind it. It extends the effective shoreline and protects the land from tidal action. (2) That portion of a wall located beneath ...
Restoring real property to an improved state. The restoration is usually needed because the property's condition has worsened. ...
Series of sloping horizontal slats most frequently mounted in doors and windows permitting the passage of air while restricting vision and preventing rain from entering the building. ...
Have a question or comment?
We're here to help.