Indemnity Bond

Definition of "Indemnity bond"

For loss of an obligee in the event that the principal fails to perform according to standards agreed upon between the obligee and the principal.

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Related Real Estate Glossary terms

Federal Insurance Contributions Act (fica)

Tax charged to finance the old age, survivors, disability, and health insurance (OASDHI) plan. Both ...

Liquidity

Immediate convertibility of assets into cash without loss. Many types of real property are illiquid. ...

Salvage Charges

Expense of recovering property by a salvor. Salvage charges are not provided for in insurance contra ...

Certificate

Written document by an official granting agency and signed by an empowered official certifying that ...

Respondeat Superior

Latin for "Let the superior reply." That is, an employer is liable for the torts of employees that r ...

Subsurface Rights

The owner of real property generally has exclusive rights to the soil and minerals underneath the la ...

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Earnest money is a deposit you make when you make an offer on a house. ...

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A front-end ratio is a ratio of the borrowers monthly housing expenses-including principal, interest ...

What Is A Proprietary Lease?

A proprietary lease is lease used for co-ops that give the shareowners the right to live in a partic ...

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