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
An Act, passed by congress in order to prevent the practice of redlining and disinvestments in central city areas. Redlining is a practice in which lenders refuse to make loans in certain ...
The proprietary lease definition is the binding occupancy agreement between the cooperative corporation and the shareholder to possess a rental unit in a building using cooperative ...
Act of receiving the rights and privileges of a citizen including property rights. ...
Worth of property based on the relevant economic factors (e.g., state of the economy, unemployment rate). ...
Alias is a different name by which a person is known.In the real estate world, there are times when an agent goes by a different name than the one he/she was originally named by his/her ...
Rating used by lenders and creditors to determine if a credit applicant should be granted credit. It depends on many factors such the applicant's job history, earnings, net worth, etc. Some ...
One of the most recurring real estate doubts is regarding what is a broker in comparison to what is a real estate agent. Well, it depends from state to state to tell exactly what a Broker ...
Provision in the insurance policy lapses due to premium nonpayment, all unpaid premiums must be paid, and any additional requirements must be satisfied before reinstatement can take place. ...
Room in a home where the occupants spend their leisure time. ...
Have a question or comment?
We're here to help.