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.
MORE REAL ESTATE TERMS
A, B, C, D, E, F, G, H, I, J, K, L, M, N, O, P, Q, R, S, T, U, V, W, X, Y, Z
Featured New Home
Featured Mortgage Brokers
- AMERICAN MIDWEST MTG CORP, CLEVELAND, OH
6363 YORK RD STE 300
CLEVELAND, OH 44130 - PRIMELENDING A PLAINSCAPITAL COMPANY, GLEN ALLEN, VA
4198 COX RD STE 113
GLEN ALLEN, VA 23060 - ACADEMY MORTGAGE CORPORATION, CINCINNATI, OH
11590 CENTURY BLVD STE 112
CINCINNATI, OH 45246 - 203K.TV, LAGUNA HILLS, CA
22501 CAMINITO COSTA
LAGUNA HILLS, CA 92653 - PINNACLE CAPITAL MORTGAGE CORPORATION, BELLEVUE, WA
2800 NORTHUP WAY STE 220
BELLEVUE, WA 98004