Real Estate Act definition
Examples of Real Estate Act in a sentence
AMS is duly registered as a mortgage brokerage pursuant to the Real Estate Act of Alberta, the Mortgage Brokers Act of British Columbia and the Mortgage Brokers, Lenders and Administrators Act of Ontario (collectively, the “Acts” and in the singular, the applicable Act), including the Rules and Regulations thereto.
Each ROW negotiator shall be licensed either as a real estate sales person or broker pursuant to the Texas Real Estate Act or rules established by the Texas Real Estate Commission, and shall be familiar with appraisal and appraisal report review pursuant to the USPAP.
The Seller shall not be liable for any indirect loss within the meaning of Section 7-1 (2) of the Sale of Real Estate Act, irrespective of any culpability on the part of the Seller.
If the purchaser fails to pay the purchase price or to perform other obligations under the agreement, the seller may, subject to the conditions set out in chapter 5 of the Sale of Real Estate Act, file a claim for due performance, termination for breach, damages, interest and/or refuse to deliver the title deed or grant the purchaser possession of the property.
If the property suffers a defect or the seller fails to deliver the property at the agreed time, the purchaser may, subject to the conditions set out in the Sale of Real Estate Act, file a claim for due performance, rectification, price reduction or damages, reject the property, terminate the contract for breach and/or withhold a proportional part of the purchase price.
Unless each condition is waived or declared fulfilled by written notice given by the benefiting party to the other party on or before the date specified for each condition, this contract will be terminated thereupon and the Deposit returnable in accordance with the Real Estate Act.
This implies that the provisions of the Sale of Real Estate Act pertaining to defects in the property are derogated from to the detriment of the purchaser.
All or any disputes arising out or touching upon or in relation to the terms and conditions of this Agreement, including the interpretation and validity of the terms thereof and the respective rights and obligations of the Parties, shall be settled amicably by mutual discussion, failing which the same shall be settled through the adjudicating officer appointed under the Real Estate Act.
Each of the parties may, subject to the limitations in this agreement, invoke the remedies for breach available under the Sale of Real Estate Act in the event of breach of the agreement by the other party, including termination of this agreement in the event of material breach by the other party.10 The Seller shall indemnify the Purchaser for any loss (including reasonable legal fees) arising out of: Damage to the Property in the period between signing of this agreement and 12:00 pm at the day of Closing.
In case of failure to settle the dispute amicably, the same shall be referred to the exclusive jurisdiction of Real Estate Regulatory Authority at Pune / Competent Authority as provided under The Real Estate Act 2016 / Maharashtra Ownership of Flats Act 1963 will have exclusive jurisdiction to try and entertain the dispute.