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Real Estate Glossary

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Written by Luis Escobar

This refers to when one of the parties in the contract has failed to satisfy an agreed-upon promise, discharge an obligation, or perform certain acts. In a real estate contract, its not a crime to be in default. But, the party that is in default can be sued for the damages they may have caused due to defaulting.

This refers to when one of the parties in the contract has failed to satisfy an agreed-upon promise, discharge an obligation, or perform certain acts. In a real estate contract, its not a crime to be in default. But, the party that is in default can be sued for the damages they may have caused due to defaulting.

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Luis Escobar

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