Notice Of Default
Definition of "Notice of default"
Letter sent an individual informing him or her they are in default on an agreement. Normally, a notice of default will give the defaulting party the terms necessary to remedy a default and the time period during which the remedy must occur. It will also state what actions will occur if the default is not remedied within the time period specified.
Popular Real Estate Terms
Also called functional depreciation. Loss of value that results from improvements that are inadequate, outdated, overly adequate, or improperly designed for today's needs. May be curable or ...
Established federal, state or local structural building requirements that have to be adhered to so as to receive certification by the government authority. Housing code enforcement is ...
A wall or roof which extends beyond a lower wall. ...
What remains after something is removed, such as substances left after a pollution treatment facility is removed. ...
Document submitted to a governmental agency to extend the time period for a previously approved document. ...
Clause in a mortgage that allows the borrower to pay more than the monthly amount and to retire the loan early without a penalty. ...
Insurance coverage to pay the balance of the mortgage if the wage earner dies. ...
Air penetrating crevices in a structure. Penetration of water into the earth or through a structure. For example, water infiltrates the basement of a house causing it to be damp. ...
Individual: Adjusted gross income less itemized deductions and personal exemptions. After taxable income is computed, the tax to be paid can be determined by looking at the tax rate ...
Have a question or comment?
We're here to help.