LIEN – A tax or debt that a person (linkor) has on the property of another (Lienee) as collateral for a debt or obligation. Links can be created by the agreement of the parties (mortgages) or by the application of the law (tax pawning rights). 2) Describe at least two types of buyer representation agreements. NONCONFORMING USE – An authorized use that has been established and maintained legally, but which, due to a zoning change, no longer meets the conditions of use in force. Open offers can be difficult for real estate agents to navigate. In this case, the seller agrees to pay the commission to the agent who makes an offer from a qualified, preparing and consenting buyer. RESTRICTIONS DECLARATION – A declaration of all alliances, conditions and restrictions that concern a field. Instead, Lionel Morty says restless to keep this information under the lid. Lionel does not want to compromise the selling prices, and therefore his commission, by uncovering this material error. The Rosenbaums are dissatisfied with this action plan, but they reluctantly agree when Adam tells them that this is a standard procedure and that they assure them that they are not doing anything illegal. Examples of material defects are cracks in foundations, termites or possibly a roof leak.
Other types of defects are environmental risks and zonat. Another way to limit lawsuits against misrepresentation brokers is to ensure that all brokerage sellers use disclosure forms. To be useful, these forms must be filled out in full by the seller. Where possible, the seller`s source, or better yet, is documented to encourage the use of other professionals to obtain concrete evidence of disclosure information. Other professionals may be architects, engineers, inspectors, plumbers and lawyers, or anyone who can speak authoritatively about the material state of real estate. CERTIFIED CHECK – A cheque that the bank guarantees to be good and against which a stop payment is ineffective. UNILATERAL CONTRACT – A contract in which a party assumes an obligation to implement without obtaining in return an explicit promise of benefits. B of the other party, for example an open list contract, in which the seller agrees to pay a commission to the first broker who brings a buyer who prepares, accepts and accepts. Section 11 specifies that the broker`s rights to earn commissions under this agreement and the buyer`s obligations to pay such commissions continue beyond the expiry or termination date of the contract. MORTGAGE PARTICIPATION – A mortgage in which the lender participates in the business`s income without a mortgage credit beyond a fixed return or gets a return on the loan in addition to the even interest rate. CHAIN OF TITLE – The recorded history of things that affect the title on a particular property land, such as property, charges and pawns, usually from the registered source of origin of the title.