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
Statement filed with a governmental authority declaring property a homestead for the purposes of securing a homestead exemption. The declaration of homestead has no effect on the property ...
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Party that receives part or all of a construction job to do from the general contractor. ...
Adding a period of time onto another. An examples a mortgagor who successfully restructures his loan by tacking another five years onto the term. ...
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A knowledgeable person authorized to aid in the underwriting of property and casualty insurance. ...
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