override

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override

(1) A carve-out from oil and gas lease royalty payments,usually a gross dollar amount per barrel of oil or per cubic foot of gas without diminution for costs of extraction.The override may be payable to the broker on the deal,to the attorney,or to some person other than the lessor with the mineral rights.(2) A name given to a clause, in a real estate listing contract, that requires payment of a commission to the listing broker if a buyer introduced to the property by the broker purchases the property within a certain time period after the listing agreement expires.The clause is to protect the broker for sales activities at the very end of the listing period that do not come into fruition until later.It also serves to protect the broker from buyers who learn about the property from the broker, take the broker's time in securing additional information and property inspections,and then attempt to time their offers until after the listing expiration in the hopes the seller will accept a lower price because then the seller does not have to pay a commission from the sale proceeds.

References in periodicals archive ?
This hypothesis appears to hold true for opposition party members who defect from the president's coalition on veto overrides.
Ideology and time in Congress are both related to presidential party members' decisions to defect from the president on veto overrides.
At the beginning of this article I demonstrated that most vote switching on veto overrides takes places outside the veto pivot quintile.
The overrides of Lorance and Price Waterhouse may lend themselves to creating shadow precedents because their language was drafted relatively narrowly: the statutory language overriding Lorance only explicitly addressed seniority systems and the statutory language overriding Price Waterhouse only explicitly addressed Title VII.
235) But this approach is arguably inconsistent with the analysis in Ledbetter where the Court found significant the statutory purposes clause which introduces the Patterson override as well as the Lorance override--that characterized the overrides in the 1991 Act as "expanding" rather than "restoring" law.
As described in detail in the previous Part, courts use ad hoc and inconsistent analysis in assessing the scope of overrides, and often shadow precedents continue to exert sway.
The override has been the subject of legal scholarship over the past decade, (8) but recent events make a re-examination of the issue and reform suggestions timely.
Fearing the worst, state legislators have introduced bills to reform the override, believing that ultimately the current system will have to change.
Dale Magee said the override will relieve the concerns of parents and educators.
The override will provide $304,985 to increase the general government to $18,862,885.
contracts as de facto overrides and applied the same scrutiny and
willing to treat bridge contracts as overrides and overturn them.