Completion Bond
Definition of "Completion bond"
Bond given by a building contractor to a public authority and guaranteed by a third party, usually a bonding company, that a contracted construction project will be completed within the contract period. Building contractors must be qualified in terms of meeting specific experience and achievement qualifications. Should the building contractor default, the bonding company guarantees to compensate for financial damages.
Popular Real Estate Terms
A fixed asset whose utility is derived from its physical attachment to a property and which usually cannot value or damage. A fixture, under the terms of a lease or other agreement, can be ...
The Federal Reserve Bank's regulation applying to the amount of credit that may be advanced by brokers and dealers to customers to buy securities. ...
Bank financing to a homeowner based on his dollar equity in the home. The interest rate typically fluctuates such as being based on the change in the prime interest rate. Interest expense ...
Table demonstrating the relationship between the depth of a building lot form the street frontage and its market value. Street frontage is the greatest asset of a land parcel. The ...
Preference. Precedence. Something given prior attention. Something having a higher level of importance or ranking. Example of when priority apply are a prospective tenant for an ...
Measures looking at the past, current a future direction of the economy. They may have an impact on the real estate market. Each month government bodies, including the Federal Reserve ...
Roof design having two different pitches. See also gambrel roof. ...
Structure of prefabricated units. ...
Uncertainties associated with real property including lack of insurance coverage in the event of fire or injury, high crime area, and environmental problems. This risk may be reduced ...
Have a question or comment?
We're here to help.