Contract Clauses Flashcards
Familiarize yourself with specific clauses commonly found in real estate contracts, including contingencies, disclosures, and default terms.
Which real estate term is this?
A clause in a mortgage agreement preventing sale of property interests without lender approval.
Alienation Clause
Which real estate term is this?
A condition ensuring the collateral property is at least of the value being loaned.
Appraisal Contingency
Which real estate term is this?
States that disputes related to the contract must be resolved through arbitration.
Arbitration Clause
Which real estate term is this?
A written contract stating the contract price and indicating a schedule for repayment.
Contract Price and Payment Schedule Clause
Which real estate term is this?
Conditions allowing a party to back out of a contract without breaching it.
Escape Clause
Which real estate term is this?
A lease clause prohibiting tenants from engaging in competing businesses.
Exclusivity Clause
Which real estate term is this?
Contract provision relieving a party from liability due to another’s wrongdoing.
Exculpatory Clause
Which real estate term is this?
Language in a deed transferring property title to another party.
Granting Clause
Which real estate term is this?
Clause defining or limiting ownership interests in a property transfer.
Habendum Clause
Which real estate term is this?
A contract clause stating a party will cover specified losses or expenses incurred by another party.
Indemnity Clause
Which real estate term is this?
A requirement placed into a real estate transaction conditioning the agreement on the buyer’s ability to find financing.
Loan Contingency
Which real estate term is this?
States that the written form of the contract is the final version of the contract which overrules any previous agreements or negotiations.
Merger and Integration Clause
Which real estate term is this?
A clause stating a party does not lose the right to enforce contractual obligations despite forgiving non-compliance.
Non-waiver Clause
Which real estate term is this?
Clause in a lease agreement specifying the property being leased.
Premises Clause
Which real estate term is this?
Clause allowing release of a property portion after mortgage payment.
Release Clause
Which real estate term is this?
“Subject to” clauses reserving property rights for the grantor.
Reservations and/or Exceptions
Which real estate term is this?
Non-standard provisions in a loan agreement that apply specifically to a particular agreement.
Special Provisions
Which real estate term is this?
Key provision in a lease specifying the time period it will run.
Term Clause
Which real estate term is this?
Indicates that deadlines are material to the sale and need to be met.
“Time is of the Essence” Clause
Which real estate term is this?
Provision demanding seller provide proof of a marketable title.
Title Contingency
Which real estate term is this?
The threshold in a commercial property lease agreement where revenue exceeds the base rate.
Breakpoint
Which real estate term is this?
Clause providing advance notice of applicable jurisdiction’s laws and legal redress options in case of a dispute.
Choice of Law and Jurisdiction Clause
