Definition of "Moratorium"

Norma L. Rodriguez, PA <br> Broker Associate
  Berkshire Hathaway Florida Realty

  1. Delay permitted to repay an obligation. An example is when a financial institution allows a real estate company another month to repay the balance due a loan.
  2. Delay permitted to carryout a legal responsibility. An example is when a homeowner gives the contractor another two weeks to complete work beyond the contract completion date.
  3. Period of time that specified performance is not permitted. For example, a homeowner does not allow work to be done on his home during the Jewish holidays.

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