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
Barrel, reservoir, or tank for storing rain runoff. ...
Loose combination of small rocks and pebbles used for a gutter, driveway, landscaping, or roadbed. ...
The American Society of Appraisers, also referred to as ASA, is the largest voluntary membership, a multi-discipline trade association that stands for and promotes its appraiser members. ...
A written agreement between institutional investors to buy or sell ownership shares in mortgages. An institution such as a bank can agree to buy a certain number of shares in a single or ...
Heterogeneous (as opposed to homogenous) means diverse in nature applied to a place or object composed of separate and distinct parts. In other words, heterogeneous describes something that ...
Losses arising from damage to or destruction of property. ...
ADU in real estate is an abbreviation for Accessory Dwelling Units. In everyday discourse, you might have encountered the term under the following nicknames: granny flat, backyard cottage, ...
Deterioration in property resulting from its ordinary use and from the aging process. An examples an apartment building that physically deteriorates over the years. ...
Latin term meaning legal capacity to act on behalf of oneself. ...
Have a question or comment?
We're here to help.