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
The minimum age required for legal competency ( in most states 18 years). ...
Transaction savings realized by setting a fixed and certain price. ...
An individual appointed by a court to manage the affairs and property of a legally incompetent party. The conservator has full decision-making authority over the affairs of the property in ...
Ownership of a real estate in which at least two or more individuals have equal ownership. If a member of the group dies, the property is transferred to the survivor (s), for example, a ...
The definition of gross sales price in real estate refers to the combined cost of a property or listing before subtracting the real estate agent’s commission, sales tax and other ...
Physical record card where the date of the last assessment valuation and its results, as well as a property description are kept. ...
Same as term development: Process of developing an area by planning and building homes, shopping centers, schools or churches. The development process includes the construction of streets, ...
Regular rental of property between the lessee and lessor for a fee. An operating lease does not satisfy the criteria for a capital lease. An example is renting an apartment. A lessee ...
A public foreclosure sale where public notice is given anyone is allowed to participate. Normally, a public sale occurs because of the property owner's failure to pay taxes. ...
Have a question or comment?
We're here to help.