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
Person or business that benefits from the work of another person or business. The recipient has not compensated the other party for this gain. In law, the one being enriched at the ...
To undertake or take on a responsibility or duty. ...
Divides a locality into districts for differing purposes. The map is continually kept current. It reveals the status of each district. ...
Requires collateral to secure the debt. An example of collateral might be one's home. ...
protective wall along a roof or below a terrace. ...
Something that is inferred, but not explicitly stated. The inference may be deducted from the relevant information. ...
Nonload bearing layer of brick covering a wall of decorative purposes only. The wall is usually constructed of wood framing or masonry block. ...
Tile placed on a wall as decoration, such as in a bathroom or kitchen. ...
The definition of involuntary alienation in real estate is the loss of property through attachment, condemnation, foreclosure, sale for taxes or other involuntary transfer of title. ...
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