Fixed Price Contract
Definition of "Fixed price contract"
Predetermined price for a contract that will be the same irrespective of the actual costs incurred to complete it. This contract is advantageous to the buyer because he knows beforehand what price will be. If actual costs are much less than the estimated costs used as a basis to set the price, greater profits will arise. Therefore, careful consideration must be given to costs before contractual prices are established.
Popular Real Estate Terms
Claim of a person or business to real property such as by exercising an option. ...
Combination of two or more real estate brokerages into one, with only one company retaining its identity. Typically, the larger of the two companies is the company whose identity is ...
See ordinary annuity. ...
A loan that is to be replaced by a permanent loan. ...
Principle stating that all joint tenants must acquire their interest from the same deed or will. ...
Founded in 1969 and located in West Palm Beach, FL, NACORE has 3,273 members. Its members consist of anyone managing, administering and/or operating regional real estate departments for ...
Accounting statement at the settlement of a real estate transaction that shows each item charged or credited, to whom, and for how much. ...
Legally proper instrument under seal that transfers title to real property from the seller to buyer. ...
Fund set aside for periodic payments, aimed at reducing a financial obligation taken out to buy real estate, or to accumulate enough funds to buy property or plant expansion. The principal ...
Have a question or comment?
We're here to help.