Contract Specifications

Definition of "Contract specifications"

Details of a contract of sale including a financial statement, legal description, type of deed, place, date and time of closing of title.

Search Real Estate Glossary

Related Real Estate Glossary terms

Warranty

Pledge by an insured in writing, and a part of the actual contract, that a particular condition exis ...

Waste

Misuse, alteration, destruction, or neglect of land by an individual right-fully in possession that ...

Prepayment Privilege

Clause in a mortgage that allows the borrower to pay more than the monthly amount and to retire the ...

Encroachment

Structure or part thereof, such as a building, that obstructs or overlaps another property. Infringe ...

How Long A Policy Will Be In Force

Duration of a policy. Property and casualty coverages are usually written for one year, although a p ...

Sevient Estate

Land subject to an easement. ...

Related Real Estate FAQ

What Is A Cap?

A limit on an adjustable-rate mortgage. ...

What Are Prepayment Penalties?

A penalty fee charged for paying off a mortgage early, thus allowing banks to still make money off o ...

What Is An Appreciation?

Changes in the market conditions, or improvements to the property that increase the value of the pro ...

What Is An Overall Debt Ratio?

An overall debt ratio is the percentage of your overall debt (housing payments plus any other long-t ...

What Is An Agent?

A person authorized to work on anothers behalf-for instance, a person authorized to sell or buy a ho ...

What Is A Good Faith Estimate?

A Good Faith Estimate is when a lender must give a prospective homebuyer a written estimate of closi ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews

Agents join here

Add our widget on your Website

Real Estate Advice

Top Five Reasons Your Home Offer was Rejected What is the Best Time of Year to Buy a Home? What is Hazard Insurance? Why Use a Real Estate Agent? Foreclosure - The Pros and Cons of Buying

FAQ

What is a cap? What are the benefits of Commercial Auto Insurance? What is earnest money? Why do people refinance? Who is a subagent?