Due to the complexity of the BVG and the importance of registration, most parties seeking security under the BVG seek the support of lawyers working in this area. A tied party guarantee is a formal guarantee given by a person or organization associated with the contractor. B for example, a director, shareholder or affiliated entity (usually the ultimate holding company). Deposit – money deposited by or for the tenant with the landlord and kept by the landlord for the following purposes: (1) to remedy rental losses for damage to the premises (accidental or intentional), for non-payment of rent due or for non-return of keys at the end of the rental; (2) clean the apartment in such a way that, taking into account normal wear and tear, it is restored to good condition only at the beginning of the property by the lessee; and (3) to compensate for damage caused by a tenant who wrongly leaves the dwelling. The deposit is not considered a lump sum compensation, but a fund held in trust for the tenant, with which the landlord can compensate for damage caused by the tenant. A deposit is not taxable to the landlord until it is used to remedy tenants` losses. In addition, the tenant cannot take the deposit as a tax deduction. Some states require that deposit funds be deposited in an interest-bearing account in the form of an escrow for the tenant. BENCH MARK – A mark attached to a permanent reference or monument, such as a pole. B made of iron or a brass marker (usually embedded in a cement sidewalk) used to determine elevations and heights over a measured area.
SECURITY AGREEMENT – A security document establishing a lien on movable property, including movable property to be affixed to the land as movable; known as a movable hypothec before the adoption of the Unified Commercial Code. AFFIDAVIT – Affidavit reduced to writing and made under oath before a notary or other official legally authorized to take the oath. Real estate agents are often in the middle of filing disputes. Even if a broker feels that a party is entitled to a deposit, they cannot release it without the proper approval. One of the differences between a real estate agent and an agent is the huge responsibility of holding a buyer`s funds until closing. AD VALOREM – Latin for “after valuation”, which usually refers to a type of tax or valuation. However, serious money is not always refundable. For example, the seller may keep the money serious if the buyer decides not to make the purchase of the house for unforeseen events not listed in the contract or if the buyer does not meet the deadline set in the contract. The buyer, of course, will lose the serious money deposit if he simply changes his mind and decides not to buy. AKKKTION – The gradual and imperceptible addition of land by alluvial soil deposits due to natural causes, such as.B.
bank movements caused by streams or rivers. Many times, customers who buy real estate have asked, “Do I really have to leave a deposit?” The parties say: “This is a friendly transaction, is it really necessary to give the seller a down payment when entering into a purchase and sale contract? There are actually several good reasons to require a down payment on a purchase and sale contract. TRUSTEER – A relationship that involves a position of trust in which one is usually responsible for owning or managing property or money for another. The duties that a trustee owes to the client include duties of loyalty; obedience; full disclosure; the duty to exercise competence, care and diligence; and accountability for all funds. MORTGAGE – Pledge certain real estate or personal property as security for an obligation without renouncing possession. NET LEASE – A lease, usually commercial, in which the tenant not only pays the rent for the occupation, but also pays for maintenance and operating costs such as taxes, insurance, utilities and repairs. Thus, the rent paid is “net” for the owner. This involves withholding a small amount from the contractor`s claim (usually 10% of the claim) until a certain warranty value has accumulated (usually 5% of the contract amount). TIME SHARING – A modern approach to community ownership and real estate use that allows multiple buyers to acquire undivided shares in properties (typically located in a condominium or resort hotel) with the right to use the facility for a fixed or variable period of time. NOTICE – Notice to a defaulting party that there has been a delay, usually a grace period to remedy the delay. COUNTER-OFFER – A new offer made in response to an offer received from another; it follows that the initial tender is rejected, which cannot be accepted subsequently, unless it is revived by repetition by the tenderer.
MIXING – mixing or mixing; for example, to deposit the client`s funds into the broker`s personal or general account. A permit holder found guilty of mixing may have his licence suspended or revoked by the Commission immobilière. Opportunities for small entrepreneurs are often more limited because banks are not willing to give them the same accommodation as larger, more established companies, and also because they have stricter cash flow restrictions. Although the serious cash deposit is often a percentage of the sale price, some sellers prefer a fixed amount such as $5,000 or $10,000. Of course, the higher the amount of serious money, the more likely the seller is to look at the buyer seriously. .