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NonDisclosure and Non-Circumvent Agreement in Connection with REO -...

Bronx New York NonDisclosure and Non-Circumvent Agreement in Connection with REO - Real Estate Owned - Sales Business

Category:

Real Estate - Contracts

State:

Multi-State

County:

Bronx

Control #:

US-01910BG

Format:

Instant download

Description

A REO (Real Estate Owned) is a property that goes back to the mortgage company after an unsuccessful foreclosure auction. It is a class of property owned by a lender, typically a bank, after an unsuccessful sale at a foreclosure auction.

After repossession and the property becomes classified as REO, the bank will go through the process of trying to sell the property on its own. It will remove some of the liens and other expenses on the home and try to resell it to the public, either through future auctions or direct marketing through a real estate broker.

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FAQ

Under New York State real property law, certain information does not require disclosure, including the seller's personal opinions about the property's value or location. This means that sellers are not obligated to share subjective information. However, when navigating a Bronx New York NonDisclosure and Non-Circumvent Agreement in Connection with REO - Real Estate Owned - Sales Business, it is still wise to consider what information might benefit the buyer and promote a smoother transaction.

disclosure agreement (NDA) in real estate is a legally binding contract that prevents parties from sharing confidential information disclosed during the transaction. This is particularly important in the Bronx New York NonDisclosure and NonCircumvent Agreement in Connection with REO Real Estate Owned Sales Business, where sensitive details may impact negotiations. An NDA fosters trust and allows all parties to move forward without fear of unauthorized information release.

The purpose of a non-circumvention (or non-circumvent) agreement is to prevent one or more parties from being passed over in a transaction, leaving them without full compensation for their labor or involvement.

An NCNDA is an agreement that is commonly used in the preliminary stages of a business transaction where the seller and buyer do not know each other but are brought into contact with each other by one or more intermediaries or brokers to fulfill the transaction.

Also known as a non-disclosure agreement, a non-circumvention agreement is a legally-binding agreement that is established to prevent a business from being bypassed or circumvented by other parties involved in a business deal.

circumvention clause is a restraint on trade. It prevents the party subject to the clause from going directly to the other party's suppliers or client, with the intention of bypassing (or circumventing) them and contracting with them directly, thereby harming the other party's business.

Are Non-Circumvention Agreements Legally Binding? Yes, a non-circumvention contract is a legally binding agreement. This type of agreement guarantees that a party who has been wronged by a breach can sue another business partner.

Parties The parties to the confidentiality agreement will be the potential buyer and seller. It describes the buyer as the Receiving Party and the seller as the Disclosing Party. In case the buyer has few or no assets, then a guarantor may also be involved.

Disclosing Party means the party disclosing Confidential Information to the other party, including any Affiliate of such other party. Receiving Party means the party receiving Confidential Information from the other party, including any Affiliate of such other party.

A confidentiality (or nondisclosure) and non-circumvention agreement to be used by a party that wants to both prevent a counterparty's misuse of its confidential information and prevent the counterparty from working directly with the disclosing party's business contacts in a manner that damages the disclosing party.

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