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Simple English definitions for legal terms
cashout
Read a random definition: combination patent
A quick definition of cashout:
Term: CASHOUT
Definition: When someone sells their property, they can choose to get all the money from the sale in cash instead of keeping a part of the property. This is called a cashout.
A more thorough explanation:
CASHOUT
cashout, n. An agreement between a seller and a buyer where the seller receives the full amount of equity in cash instead of keeping an interest in the property. cash out, vb.
1. John decided to cashout his investment property and receive the full amount of equity in cash instead of keeping a share in the property.
2. The seller agreed to cash out the property, and the buyer paid the full amount in cash.
The term "cashout" refers to an agreement between a seller and a buyer where the seller receives the full amount of equity in cash instead of keeping an interest in the property. This means that the seller will no longer have any ownership in the property, and the buyer will have full ownership. The examples illustrate this definition by showing how a seller can choose to cash out their investment property and receive the full amount of equity in cash instead of keeping a share in the property. In both examples, the seller receives the full amount of equity in cash, and the buyer becomes the sole owner of the property.