Contingency Planning


Definition of "Contingency planning"

Considering future occurrences that may possibly arise.

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Popular Real Estate Terms

Limited Liability

A liability that does not go beyond the owner's investment in a real estate business. A corporation and limited partners have this benefit. The stockh ...

Property Damage Liability Insurance

An insurance policy that promises to pay all the legal obligations of the insured due to negligence in which damage to the property has been caused. ...

Abut

Boundaries of two or more contiguous properties with no intervening land. ...

Balloon Payment

Last installment payment, substantially greater than the previous installment payments. The unpaid balance of a long-term loan is paid off in a lump s ...

Final Degree

A judgment of a court issued as a final order after hearing all the evidence and material directly related to some matter before its consideration. A ...

Subcontractor

Party that receives part or all of a construction job to do from the general contractor. ...

Popular Real Estate FAQ

What Is A Loan-to-value (LTD) Ratio?

A loan-to-value ratio is used by lenders to state how much you have financed. If you put down 20 percent on a purchase, you finance 80 percent and hav ...

What Does Preapproved Mean?

When you are preapproved, you have a definite commitment from a lender ...

What Is A Spec House?

The textbook definition of a spec house is \"one built on a speculative basis, without an order on the books\". Commonly, a buyer will be unsatisfied ...

What Are Closing Costs?

Closing costs are expenses incurred by buyers and sellers in transferring ownership of a property. ...

How Much Money Can I Borrow To Buy A Home?

To begin, you\'ll need to figure out what your gross income is (before taxes) monthly and yearly. To get a quick ballpark figure, take the yearly inc ...

I Looked At A Property Yesterday With A REALTOR® Who Seems To Be Clueless. I Am Really Interested In Purchasing The Property, Though. Can I Switch Agents And Still Make The Purchase?

If you truly want to purchase that property, the only ethical thing to do is to purchase it through that REALTOR. Otherwise, you could set up potenti ...

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