Definition of "Penalty"
Amount to be paid by a person or business for violating a statute or legal court order. It may also be assessed for violating the provisions of a contract. Examples of penalties are a charge made by the Internal Revenue Service for underpaying corporate income taxes, penalty assessed by a municipality for failing to pay property taxes, penalty due to prepaying a mortgage, amount arising from breaking a real estate contract, and fee due from prematurely terminating a lease.
Popular Real Estate Terms
Founded in 1908 and located in Washington, DC, BOMA has 7,500 members and 10 regional groups and 6 state groups. It consists of managers, owners, investors, and developers of commercial ...
An organized group of ethical behavior guidelines governing the day-to-day activities of a profession or organization. ...
Legal proceeding to exercise a right in a disagreement between private individuals or businesses. One party seeks a remedy against the other. It does not involve a criminal situation. ...
Claim of a person or business to real property such as by exercising an option. ...
Transfer of the title of land, real estate, or personal property from one person or entity to another. This transfer is typically made via a trust deed, mortgage, sales contract or similar ...
Same as term REIT: Type of investment company that invests money in mortgages and various types of investment in real estate, in order to earn profits for shareholders. Shareholders receive ...
Tenant that stays in the leased property after the expiration date if the lease. He can be evicted or given a new rental agreement. ...
Wires, such as for electricity, places beneath the floor of a structure. ...
Bottom frame of wood supporting a window. It should be strong in order to support something put in the window such as an air conditioner. ...
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