Real estate

Real estate

Of or pertaining to property of land and the buildings on it. This also includes any minerals, crops, or any other natural resource. The business of real estate is the buying, selling, or renting property.

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Real estate > Contracts

purchase agreement

Law; Contracts

Legal document recording the final understanding of a purchaser who agrees to buy and a seller who agrees to sell the specified item(s) under stated terms and conditions.

responsible bidder

Law; Contracts

Contractor, supplier, or vendor, qualified on the basis that it (1) has adequate financial resources to perform a contract, (2) is able to comply with the associated legal or ...

responsive bidder

Law; Contracts

Responsible bidder whose solicited bid is determined to be in substantial conformance with the conditions, completion or delivery requirements, and specifications detailed in the ...

restitutio in integrum

Law; Contracts

Legal doctrine that the right to rescission of a contract is lost if the contracting parties cannot be restored to their respective positions before the contract was entered into. ...

restricted bidding

Law; Contracts

Invitation to bid (ITB) sent only to selected contractors, sellers, or vendors who have been pre-qualified through a screening process. Also called restricted tendering.

restricted funds

Law; Contracts

Grants or donations that require that the funds be used in a specific way or for a specific purpose. They can be considered a contract between the donating party and the receiving ...