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
The spouse's legal right, upon the death of his wife (or her husband), to a life estate in all lands she (or he) owned. ...
The legal requirement of a debtor, obligor, to pay a debt and the legal right of a creditor, obligee, to demand satisfaction of a debt or enforce payment in the event of default. ...
The smallest lot area required for building under the municipal zoning code. For example, a municipal zoning code requires all building lots to have a minimum lot area of 1/4 of an acre in ...
Investments, usually in limited partnership, that can protect of defer shelter) part of the income from current taxes. Under current law, passive leases can be applied up to passive income. ...
Generally speaking, an affidavit is a written statement or declaration, made under oath before a licensed individual, such as a notary public or even a Judge. You’ve probably heard ...
Appraisal concept stating the value a particular improvement contributes to the overall value of a property irrespective of its actual cost. ...
One to whom a gift or bequest is made. ...
Molding used in corners simulating a quarter of a circle. ...
Same as term prospectus: Document that must accompany a new issue of securities for a real estate company or partnership. It includes the same information in the registration statement, ...
Have a question or comment?
We're here to help.