Retainage
Funds earned by the contractor for construction activity but held back by the owner of the property until the job is finished to a greater degree. This provides the contractor with an incentive to complete the work in a timely and qualitative manner in order to receive the amount retained by the owner. An example is a contractor who has thus far completed 75% of a new kitchen, but only received a 25% deposit with the balance payable upon the satisfactory completion of the job.
Popular Real Estate Terms
Administering and directing the activities of a real estate brokerage firm to assure they are in compliance with regulations and policies. ...
Member Of the American Institute of Real Estate Appraisers. ...
Body o law relating directly to condominiums and cooperative developments. Most property law provides vertical ownership of property in the sense that property owners own mineral rights as ...
Money paid for a real estate project or investment that can be taken off on the tax return as an expense. Expenditures made during construction of a building that do not go directly into ...
Value is exchanged by the parties to an agreement involving current or future performance making it legally enforceable. Without reasonable consideration for performance, the contract may ...
Welcome to the world of magical yet perplexing real estate! Undeniably, there's a lot to learn, but we're here to explain miscellaneous terminology so that you can make educated decisions. ...
Removal of a tenant from a portion of a rented or leased premise. ...
Need to know the Ad Litem definition after coming across this weird term? Ad litem is short for “Guardian Ad Litem” or “Attorney Ad litem”, a legal term that ...
Determining the measurements of a specific location. ...
Have a question or comment?
We're here to help.