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 ?
The 1991 CRA overrode this portion of Price Waterhouse.
175) Courts doing so observe that Congress failed to amend these other statutes or the retaliation provisions in Title VII when it overrode Price Waterhouse.
110) Because of the defendant's history as a hardworking, caring mother, the jury voted seven-to-five to sentence her to life in prison without parole, but the trial judge overrode the jury's advisory verdict finding that the one aggravating factor, murder for pecuniary gain, was sufficient to warrant death.
Police overtime: Overrode Riordan's veto of the council's action to keep $12 million for police overtime in a special account.