Progress Payments
In a construction loan, payments made to a contractor as the various construction stages are completed. The contractor uses progress payments to pay the various subcontractors and suppliers as construction proceeds. For example, a bank gives a contractor a $125,000 construction loan. It pays $30,000 to the contractor upon the purchase of a building lot, and then pays additional progress payments of $25,000 upon the completion of the foundation, and $20,000 upon the completion of the framing in process, another $20,000 upon the completion of the plumbing and wiring, $10,000 upon the completion of the roof and the final payment of $20,000 upon the completion of the structure.
Popular Real Estate Terms
Provision in an agreement in which its renewal is a matter of course at the end of its initial term. ...
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Scale drawing or diagram illustrating the proposed use of a land plat property. ...
Loan such as a mortgage that the borrower has consistently made payments on when due over many years. The borrower has proven his creditor worthiness. ...
Gift of real property as stipulated in a will. ...
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An interest a landlord has in lease property. ...
Flat irregularly shaped stones, ranging from 1 to 4 inches thick, used for terrace or loan walkways. ...
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