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Simple English definitions for legal terms
further assurance
Read a random definition: clear-reflection-of-income standard
A quick definition of further assurance:
Further Assurance: A promise made by someone who sells or gives property to make sure that the new owner has all the necessary documents to prove they own it. This promise means that if any extra paperwork is needed in the future, the seller will provide it. It's like a guarantee that the new owner will have everything they need to show that they own the property.
A more thorough explanation:
Definition: Further assurance refers to a covenant in a warranty deed where the grantor promises to execute any document that may be required in the future to perfect the title that the original deed purported to transfer.
Examples:
- When John sold his house to Jane, he included a further assurance clause in the warranty deed, promising to provide any additional documents needed to ensure that Jane had clear title to the property.
- In a business contract, if one party is unsure about the other party's ability to fulfill their obligations, they may request further assurance in the form of a bond or proof of income.
The examples illustrate how further assurance is a promise to provide additional documents or guarantees to ensure that a transaction is completed successfully and that all parties involved are confident in the outcome.