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
Insects that destroy the support wood in the structure of a building. Termite inspection should be periodically performed to detect their existence. If an infestation is confirmed, the ...
Accounting statement at the settlement of a real estate transaction that shows each item charged or credited, to whom, and for how much. ...
Difference between cash revenue less cash expenses before taxes associated with rental property or a real estate investment. ...
Correcting depreciation by making improvements at less cost than the value added. For example, the management of an aging strip shopping center makes a decision to refurbish the windows and ...
Multistory, nineteenth-century house featuring turrets, high chimney, and decorative trim. ...
The assessment in real estate definition means the evaluation of a property’s value by an assessor. They are generally required to evaluate the property annually as the assessment is ...
A property title evidencing ownership such as provided in an abstract of title. There are no contingent liabilities or prior unresolved ownership claims. ...
Certificate issued to the buyer at a judicial sale, such as an execution sale. After the time for redemption has expired, the holder of the certificate is entitled to a deed. ...
Second home. The interest and real estate taxes on the second home are tax deductible on the family's 1040 tax return. ...
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