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
Statement filed with a governmental authority declaring property a homestead for the purposes of securing a homestead exemption. The declaration of homestead has no effect on the property ...
The definition of the term “demise” covers more spectrums than just real estate related. Most commonly the term demise is used to talk about someone’s death. It is also ...
Party that receives part or all of a construction job to do from the general contractor. ...
Adding a period of time onto another. An examples a mortgagor who successfully restructures his loan by tacking another five years onto the term. ...
Removing a debt by making full payment. A mortgage discharge is a document formally specifying that a mortgage debt have been paid. It is typically recorded in a local property deeds ...
Increase in the amount of money available for businesses and people to by real estate because of lower interest rates. Easy money stimulates spending on investment such as houses. See also ...
Agreement by a lender to lend money to a borrower. A loan commitment typically includes the amount of money to be lent, the interest rate, and the period of the loan. ...
A knowledgeable person authorized to aid in the underwriting of property and casualty insurance. ...
Blockbusting is a despicable and illegal racist business practice. Here’s how Blockbusting happens: a real estate agent, or someone posing as one, comes to a homeowner and instills ...
Have a question or comment?
We're here to help.