VEAL-MONEY was a form of rent that was once paid by tenants of the manor of Bradford in Wiltshire, England. Rather than providing veal as payment, which is a type of meat, the tenants paid their rent in currency. This practice occurred in the distant past and is no longer in use.
Veal-money is the annual payment made by tenants of the Bradford manor in Wiltshire, England, in lieu of providing veal as rent. For instance, in the past, tenants used to offer veal as rent to their landlords. However, this custom was eventually substituted with veal-money, which is a predetermined sum of money paid each year instead of actual veal. The rationale behind this change was that the historical practice of paying rent with veal became impractical over time. By transitioning to a fixed monetary payment, transactions became more convenient and the economy became more stable. This example serves to demonstrate how veal-money replaced the traditional method of paying rent with veal.
Veal-money is a legal term referring to money that is paid as a deposit or earnest money in a real estate transaction.
The refundability of veal-money depends on the terms of the real estate contract. In some cases, if the buyer backs out of the deal for a valid reason, the veal-money may be refunded. However, if the buyer breaches the contract without a valid reason, the veal-money may be forfeited.
The amount of veal-money required can vary, but it is typically a small percentage of the purchase price, such as 1-3%.
If the buyer breaches the contract without a valid reason, the seller may be entitled to keep the veal-money as compensation for the time and effort put into the transaction.
If the sale is completed, the veal-money is typically applied towards the purchase price of the property.
Veal-money is typically paid in the form of a check or wire transfer to ensure a clear record of the transaction.
In some cases, the parties may agree to waive the requirement for veal-money, but this is less common as it provides a level of security for both parties.
Veal-money is specifically designated for the real estate transaction and cannot be used for any other purpose.
If the buyer is unable to secure financing and the contract is contingent upon financing, the veal-money may be refunded to the buyer.
Yes, the amount of veal-money can be negotiated between the buyer and seller as part of the real estate contract.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 17th April 2024.
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