addenda
additions to a completed contract that specify supplementary information to the contract
amendment
change or modification to an already agreed-upon contract
bilateral contract
a contract wherein both parties are obligated to perform in an exchange of promises
buyer rebate
anything during a transaction that causes money to go back to the buyer, either at or after closing,
without the knowledge of the lender
casualty loss
a sudden, unexpected event like a fire, flood, storm, earthquake that causes damage to a property
consideration
something of value exchanged by the parties as evidence of agreement to the terms of a contract
contract
a legally enforceable and binding agreement between parties wherein a promise to do or not do
something is given in exchange for valuable consideration
counteroffer
, a contract proposal submitted in response to a previous offer, modifying the terms of the original
offer; considered a rejection of the original offer
disability
a physical or mental impairment that substantially limits one or more major life activities, the record
of such impairment, or being regarded as having such an impairment
earnest money
funds paid to confirm or commit to a contract
effective date
the date a contract becomes binding between the parties
endorsement
additional coverage that can be added onto an insurance policy
escrow
a process in which funds and/or financial documents are held by a disinterested third party on behalf
of the other two parties in the real estate transaction until specific conditions are satisfied
executed contract
a contract in which all terms have been fulfilled by all parties
executory contract
additions to a completed contract that specify supplementary information to the contract
amendment
change or modification to an already agreed-upon contract
bilateral contract
a contract wherein both parties are obligated to perform in an exchange of promises
buyer rebate
anything during a transaction that causes money to go back to the buyer, either at or after closing,
without the knowledge of the lender
casualty loss
a sudden, unexpected event like a fire, flood, storm, earthquake that causes damage to a property
consideration
something of value exchanged by the parties as evidence of agreement to the terms of a contract
contract
a legally enforceable and binding agreement between parties wherein a promise to do or not do
something is given in exchange for valuable consideration
counteroffer
, a contract proposal submitted in response to a previous offer, modifying the terms of the original
offer; considered a rejection of the original offer
disability
a physical or mental impairment that substantially limits one or more major life activities, the record
of such impairment, or being regarded as having such an impairment
earnest money
funds paid to confirm or commit to a contract
effective date
the date a contract becomes binding between the parties
endorsement
additional coverage that can be added onto an insurance policy
escrow
a process in which funds and/or financial documents are held by a disinterested third party on behalf
of the other two parties in the real estate transaction until specific conditions are satisfied
executed contract
a contract in which all terms have been fulfilled by all parties
executory contract
