Hold Back
Definition of "Hold back"
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 payment is usually large enough to prevent the contractor from making a profit, but still allowing enough funds to compensate subcontractors and suppliers. for example, a contractor acquired a construction to complete a $200,000 home construction project. The bank providing the construction loan had a $25,000 holdback provision until the home received a certificate of occupancy.
Popular Real Estate Terms
Government compensation to farmers not to grow products to preserve the land and maintain stable agricultural products. ...
Person's sole ownership of real property. ...
Real estate sales contract where possession and use is provided to the buyer, but the deed is kept by the seller until the full purchase price is met whereupon the title is placed in the ...
Part of the premiums and interest that have not been returned to the annuitant before his death. ...
Major city in a metropolitan area. ...
When it comes to the subsurface rights definition, the meaning needs to be defined from the US perspective as these rights are not a default elsewhere on the planet. In general, in the US, ...
Item falling under Section 57 of the Internal Revenue Code that may result in the imposition of the alternative minimum tax (AMT). These items of otherwise exempt income or deductions or of ...
Arches, either roofed or open, mounted on a series of pillars to form a passageway or walkway. ...
Commercial building having several different uses blending together. For example, retail shops are on the first floor, professional offices are on floors two through ten, and a restaurant ...
Have a question or comment?
We're here to help.