Simple English definitions for legal terms
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Term: BUYING-IN
Definition: Buying-in refers to the act of purchasing property by the original owner or someone who is interested in it at an auction or foreclosure sale. This means that the person who already owns the property or someone who wants to own it can buy it back at the auction or sale.
Definition: The act of purchasing property by the original owner or an interested party at an auction or foreclosure sale.
Example: John is facing foreclosure on his home. At the auction, he decides to participate in the bidding and ends up buying-in his own property.
Explanation: In this example, John is the original owner of the property and he participates in the auction to buy-in his own property. This is a common practice in foreclosure sales where the original owner may want to keep their property and is willing to bid on it.
Example: The art collector was interested in a painting that was up for auction. However, when the bidding went too high, he decided to buy-in the painting instead.
Explanation: In this example, the interested party, the art collector, decides to buy-in the painting instead of continuing to bid on it. This allows him to acquire the painting without having to pay the high price that the bidding had reached.