Definition of "Deposit"
Also called earnest money. Money deposited with an individual for security for the performance so some contract. This is intended to show his/her willingness to follow through with the purchase agreement. Deposit or earnest money can be forfeited if the depositor defaults on the terms of the contract.
Popular Real Estate Terms
House made using standardized components that are preassembled on an assembly line in a factory rather than being built from "scratch" on a site. Normally, the prefabricate house is trucked ...
Insulation covered on each side by a material, such as metal. ...
An insurance contract or home warranty, usually for one year, covering electrical, plumbing, heating, etc. ...
Portion of a construction loan withheld by a lender from a contractor until all construction work is satisfactorily completed or sufficient space is rented in a floor loan. The holdback ...
Property to be used by a retail business in the sale of merchandise or rendering of services. An example of retail property is a store. ...
Part of a capital gain constituting tax benefits previously taken and taxed as ordinary income. ...
The term agricultural property means a type of land that has been designed or is permitted to engage in agricultural activities. Also referred to as agricultural land, agricultural ...
Same as term soil porosity: Extent to which soil has cavities or pores, thereby allowing water to pass through. ...
An entrance hallway from the outside of a building. Foyers are intended as a gathering place for people either before exiting or upon entrance. ...
Have a question or comment?
We're here to help.