What do we call the right of a person to have the first opportunity to purchase or lease a property ?\?

A right of first offer says that a rights holder can buy or bid on an asset before the owner tries to sell it to a third party. These rights are common with real estate and business sales and are often written into the lease agreement or business partnership. Thus, right holders are usually either tenants or investors.

What kind of lease contains a recapture clause?

A percentage lease allows the landlord to invoke a recapture clause when the tenant business’ revenues dip below a certain level.

What document is used to make adjustments to existing sales contract?

Addendums are attachments to original contracts that alter the original terms and conditions of the contract. Addendums can be used to alter standard contracts, make adjustments if situations have changed since the original contract was signed, or if the original signers come to a different arrangement.

What is an important legal characteristic of an option to buy agreement?

What is an important legal characteristic of an option to buy agreement? The potential buyer, the optionee, is obligated to buy the property once the option agreement is completed. The optionor must perform if the optionee takes the option, but the optionee is under no obligation to do so.

What are recapture rights in a lease?

A recapture clause permits a landlord to terminate the entire lease or a portion of it for the proposed assigned space. By giving control of occupancy to landlords, such clauses ensure that they receive all enhanced value of leased property.

What is a recapture notice?

In landlord-tenant law, a recapture notice is a notice provided by the landlord to void a tenant’s lease for all, or a portion, of the premises in order to prevent a sublease or assignment.

What is alease?

A lease is a contract outlining the terms under which one party agrees to rent an asset—in this case, property—owned by another party. It guarantees the lessee, also known as the tenant, use of the property and guarantees the lessor (the property owner or landlord) regular payments for a specified period in exchange.

What is a Demising clause?

A demising clause refers to a particular provision of housing requirements based on family size, ages, occupations, marital status, and other population characteristics in real estate.

What is reinsurance recapture?

A recapture provision is a provision in a reinsurance treaty that allows the ceding party to take back some or all of the risk initially ceded to the reinsurer.

What is inducement recapture?

Inducement recapture is a term in a commercial lease that provides that the tenant has to pay for any free rent or other inducements that the landlord provided if there is a default in the lease terms.

What does demise mean in real estate?

Demise means transfer of property by a lease or will.

What is reinsurer margin?

Reinsurer’s Margin — the “profit and administration” factor of the reinsurer, generally calculated on gross cession.

What is maturity recapture?

Recapture allows a seller of some asset or property to reclaim some or all of it at a later date. The seller will have the option to buy back what has been sold, within a certain window of time, often at a higher price than what it was initially sold for.

What is a recapture factor?

Recapture — the process by which a ceding company takes back a risk or risks that previously were ceded to a reinsurer.

What is a role of IRDA?

IRDA or Insurance Regulatory and Development Authority of India is the apex body that supervises and regulates the insurance sector in India. The primary purpose of IRDA is to safeguard the interest of the policyholders and ensure the growth of insurance in the country.

What are the three types of reinsurance?

Types of reinsurance include facultative, proportional, and non-proportional.

What are the two types of reinsurance?

There are two basic types of reinsurance arrangements: facultative reinsurance and treaty reinsurance.

What is the principle of subrogation?

To make up for the compensation paid, your insurer can claim the (insured) right over that third party. You surrender your rights over the third party to the insurer. This transfer of all the rights, and remedies, from insured to insurer is called subrogation.

What is the role of an insurer?

An insurer generally has the duty to defend or pay the legal expenses of an insured who is subject to a legal action for the covered risk.

What is Section 41 of Insurance Act?

(1) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to 1[take out or renew or continue] an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown …

What is another word for subrogation?

n. commutation, exchange, substitution.

What are the types of subrogation?

Traditionally, there are three types of subrogation: (1) Equitable, also known as legal or judicial; (2) Conventional or contractual subrogation, and; (3) Statutory subrogation. Equitable subrogation arises by operation of law. Conventional subrogation arises out of a contract, such as an insurance policy.