Definition of "Completion bond"

Chris Hill  real estate agent

Written by

Chris Hill elite badge icon

Century 21 New Millennium

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.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Real Estate Terms

Meaning or definition given to an act, fact. Or thing through legal or juridical interpretation. ...

Ask Price is the initial listed price for a piece of real estate.It’s important to understand that, in the real estate world, there’s no such thing as a fixed price when buying ...

the loan rate stated on the face of the loan note. The nominal loan rate is not the same as the effective interest rate. For example, if points are charged to secure a loan, the effective ...

Within Real Estate, “nuisance” is a term used to describe any disturbance that might affect neighboring houses. Nuisance abatement is the enforcing of policies and codes that ...

Request of a local government's planning body to alter the zoning requirements based on a justifiable reason. ...

The Women’s Council of REALTORS® is one of the affiliate organizations of the National Association of REALTORS® (NAR). This nonprofit organization is a network of successful ...

An administrator appointed by the government or the courts to administer the laws relating to a government agency or court. A commissioner is a part of a government or court commission. ...

The Loan-to-value ratio (LTV)  is a calculation that measures how much you need to pay for a mortgage (loan) concerning how much the asset is worth. The loan-to-value ratio in real ...

Home prominent in Williamsburg and typical of those in Georgia in the 1700s. The homes usually were 2 to 3 stories, in rectangular form, with double hung windows, two high chimneys, and ...

Popular Real Estate Questions