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
Contractual agreement between a commercial or industrial rental property owner and an individual or firm who agrees to maintain the property. Management agreements specify the nature of ...
Person leaving from work to spend time in leisure activities. pay in full the balance on a debt either at or before the maturity date. Penalties may be assessed on prepaying a mortgage. ...
Permission to do something that differs from the basic zoning requirement. An example is a homeowner receiving special authorization to build a two-family house in a single family zoned ...
Air rights, in general, cover the right to occupy or use empty space. But what are air rights, and why are they important? Two major types of air rights can be explained; however, ...
The income earned on an investment, typically stated as a percentage of the market price ...
Distribution of population over a given area of land. ...
A Homeowner’s Association (HOA) is an organized group of homeowners in a home subdivision, condominium, or cooperative complex. They come together and found a Homeowner’s ...
Structure or part thereof, such as a building, that obstructs or overlaps another property. Infringement on the property or rights of another individual or business. ...
Situation in which a person guilty of breaking a contract is required by the judge to fulfill his duties. Specific performance is required only if the item or subject of the contract is ...
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