IRREVOCABLE
In real estate, irrevocable refers to something that is incapable of being recalled or revoked; unchangeable.
For example, an irrevocable trust is a type of trust that cannot be modified or terminated without the permission of the beneficiary. Once the trust is established, the grantor cannot change the terms of the trust or reclaim the assets that have been transferred to it.
In real estate, an irrevocable letter of credit is a letter of credit that cannot be revoked or canceled by the issuing bank without the consent of the beneficiary. This type of letter of credit is often used in real estate transactions to provide assurance to the seller that the buyer has the necessary funds to complete the transaction.
In summary, in real estate, irrevocable refers to something that is incapable of being recalled or revoked; unchangeable. Examples include an irrevocable trust and an irrevocable letter of credit.
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