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
Legal action of a landlord to remove a tenant.The tenant may have violated the lease agreement such as for the tenant's failure to pay the rent. ...
Risk resulting from possible increases or decreases in price levels that can substantially impact real estate values. ...
Another residence in addition to the main residence where a person or family resides. An example is a second home out of the city used on weekends and during vacations. Interest and real ...
Factor used in present value computations to determine the current value of future cash flows. It is used to get the current value of what the selling price would be when the property is ...
Amount received by a seller of real property in the form of credit rather than cash. Interest is typically received on the note. If a house is sold for $300,000 of which $100,000 is cash ...
Restraining a person or business from denying an appropriate conveyance of property evidenced by a deed has given. ...
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Supplementary narrow pathway, such as to a building. ...
If you're involved in real estate, whether buying, selling, or investing, you might have come across the term "alluvium." It's not just a fancy word but an important concept. Let's delve ...
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