DE FEASANCES Meaning and
Definition
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Defeasances, also spelled as "de feasances," is a legal term used in contract law and real estate transactions. It refers to a conditional agreement or arrangement that voids certain provisions or obligations of a contract or deed.
In the context of contracts, a defeasance is often employed to alter or negate specific terms and conditions. This typically occurs when the parties involved wish to modify certain aspects of their agreement without completely terminating the contract. By including a defeasance clause, both parties can agree to suspend certain obligations or rights under the contract, allowing them to adjust the terms without starting from scratch.
In real estate transactions, defeasances are often associated with mortgage agreements. A defeasance clause in a mortgage contract outlines conditions that, once met, release the property owner from the security interest held by the lender. This usually occurs when the borrower fulfills their repayment obligations or meets specific conditions outlined in the contract.
Overall, defeasances provide flexibility in contractual agreements, allowing parties to modify or revoke certain provisions or obligations based on agreed-upon conditions. It serves as a mechanism to protect the interests of both parties involved while enabling them to adapt to changing circumstances or renegotiate terms without fully terminating the contract or losing their respective rights.
Common Misspellings for DE FEASANCES
- defesances
- defeisances
- se feasances
- xe feasances
- ce feasances
- fe feasances
- re feasances
- ee feasances
- dw feasances
- ds feasances
- dd feasances
- dr feasances
- d4 feasances
- d3 feasances
- de deasances
- de ceasances
- de veasances
- de geasances
- de teasances
- de reasances
