Liquidated Damages
Definition of "Liquidated damages"
An amount of money provided for in a contract as compensation if the contract is not fulfilled. An example is an offer to buy real property that includes a provision that once the seller accepts the offer, if the buyer does not complete the purchase, the seller may keep the buyer's deposit as damages.
Popular Real Estate Terms
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Transfer of property from a seller to a buyer. ...
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Written obligation of a borrower that is backed by collateral in the event of default. The lender must assure himself that the market value of the security equals or exceeds the amount of ...
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