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

Percentage of rentals estimated not to be made because of actual and anticipated vacancies. ...

property that has been segregated into parts. ...

Person who dies leaving a will specifying the distribution of the estate. ...

Written proposals and acceptances applicable to the aspects of the transaction. The escrow agent must follow the purchase and sale agreement. ...

Individually owned lots and houses with community ownership of common areas. ...

Tenant breaks the lease because the landlord does not keep the premises habitable. ...

The right to demand that title be conveyed upon payment of the purchase price. ...

Same as term junior mortgage: Mortgage placed on a property after a previous mortgage. It can be a second, third, etc. mortgage. A junior mortgage is subordinate to the terms of a previous ...

See savings and loan association. ...

Popular Real Estate Questions