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 petitioners in Rivers argued that retroactive application was more appropriate for the portions of the statute that overrode Supreme Court interpretations of substantive provisions than for those that expanded availability of damages as a remedy.
The 1991 CRA, like the 1990 Act, overrode several Supreme Court decisions but some of the language in the overrides was less expansive than it had been in the 1990 version.
In all seven cases where the override was used, Delaware judges overrode jury recommendations from death-to-life).
LAPD expansion: Overrode Mayor Richard Riordan's veto of the council's plan to reduce expansion to 450 new officers.