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
New cost less accumulated depreciation to date. ...
Divider made of plasterboard or plaster used to partition rooms. A room is created by the walls surrounding it. ...
Lawsuit brought by one or more persons of a large group for the benefit of all members of the group. ...
A proposal to buy property at a specified price. The seller of the property has the options of accepting the offer, rejecting it, or making a counteroffer. For example, John signs a listing ...
Short-term loan that is made to bridge the term between the end of one loan and the beginning of another. ...
Individual who will receive an inheritance upon the death of another. The proceeds of an insurance policy may be in a lump sum annuity. Real estate also passes to the beneficiary. ...
Representation on a flat surface of any region that depicts the elevation of that region. ...
Outside of a structure covering a lower quality or cheaper surface to make the structure look better. Examples of veneer exteriors are bricks covering concrete, or a thin surface layer of ...
Siding made out of aluminum, plastic derivates, or cement asbestos having ridges and valleys which is attached to the sides of buildings. ...
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