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The standard, fixed language in a contract, such as that found in most mortgages, contracts of sale, contracts for deed, leases, and CC&Rs (covenants, conditions, and restrictions). Where such language is too one-sided, the contract might be challenged as an adhesion contract. When a form contract or lease is used, any uncertain or ambiguous terms are construed against the party who furnished the form.
Dearborn Real Estate Education
This "Word of the day" is excerpted from The Language of Real Estate, 6th Edition by John Reilly (published by Dearborn Real Estate Education, 2006 copyright). To purchase the complete book, with over 2800 key terms and definitions, or to browse through Dearborn's hundreds of other professional real estate titles, including Real Estate Technology Guide by Klein, Barnett, Reilly, click here.
  

Recent Words

Principal
1. One of the main parties to a transaction. For example, the buyer and seller are principals in th...
Construction Allowance
Money or other financial inducement provided to a lessee by the lessor to cover the cost, in whole o...
Construction Allowance
Money or other financial inducement provided to a lessee by the lessor to cover the cost, in whole o...
Runs With The Land
A phrase describing rights or covenants that bind or benefit successive owners of a property. An exa...
Short Sale
A sale of secured real property that produces less money than is owed the lender; also called a shor...
Wear And Tear
The gradual physical deterioration of property, resulting from use, passage of time, and from weathe...
Vendor
The seller of realty. The seller under contract for deed. In some cases, the vendor may not be the o...
Grantee
The person who receives from the grantor a conveyance of real property. The grantee must be a person...
Severance Damages
A recognition for the loss of value in the remaining property caused by the partial taking of real p...
Runs With The Land
A phrase describing rights or covenants that bind or benefit successive owners of a property. An exa...