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7 Cards in this Set
- Front
- Back
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COMMUNITY PROPERTY |
Property owned by a married couple in California and other community property states as distinguished from each spouse's separate property; generally, any property acquired through the labor or sill of either spouse during marriage |
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POWER OF ATTORNEY |
An instrument authorizing one person (the attorney in fact) to act as another's agent, to the extent stated in the instrument |
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CLOSING DATE |
The date on which all the terms of a purchase agreement must be met, or the contract is terminated |
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CLOSING AGENT |
A neutral third party who holds funds, documents, or other valuables on behalf of the parties to a transaction, releasing items to the parties only when certain conditions in the escrow instructions have been fulfilled |
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MEDIATION |
A negotiation to resolve a dispute that is led by an impartial third party |
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ARBITRATION |
Submitting a disputed matter to a private party (rather than to the judicial system) for resolution |
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TIME IS OF THE ESSENCE |
A clause in a contract that means performance on or before the exact dates specified is an essential element of the contract. Failure to perform on time is a material breach |
