Real Estate Terms [7]

May 14, 2011     Posted under: Investment

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Binding Obligations: The right and duties, agreed upon and described in an agreement executed between two parties, that are binding upon both of them ( for example, landlord and tenant or vendor and purchaser)

Bonafide: Legal term meaning actions or individuals that are honest and in good faith

Bond: A deed by which one agrees to indemnity another person against losses suffered on account of acts of omission or commission by the former. Also means a debt security

Book Value: The value which is ascribed to a property shown in the accounts as a capital asset but is not necessarily current market value, since it may be based on actual cost (less depreciation, if any) or on an earlier valuation after acquisition

Breach Of Contract: An act or omission, contrary to one or more provisions in a contract and therefore giving the aggrieved party the right to enforce specific performance to rescind the contract and/or to claim damages. The remedy available depends upon the nature of the breach

Breach Of Warranty: Failure to comply with a contractual undertaking, for example, the failure of a vendor to pass title or give vacant possession when such has been warranted. Such a breach entitles the innocent party to damages, although the breach of a warranty in an insurance contract entitles the insurer to treat the contract as discharged

NitiN Kumar Jain

Nitin works in an IT MNC professionally but blogs and owns NKJ Live. He is also the co-owner of a professional start-up ARGHAM BYTES

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