One who agrees to pay the debts of another in the event that the debtor does not pay. The creditor can demand payment from the surety as soon as the debt becomes due. Although a surety agreement does not have to be in writing to be enforceable, most of them are.
Popular Real Estate Terms
The definition of dereliction is the intentional property abandonment or desertion with no hope of returning or recovery of a property. Dereliction is the act of abandonment, neglect of ...
To confirm, ratify, verify, and accept a transaction that can be canceled. ...
Real estate business owned by one person having all the rights and obligations. ...
A loan whereby the lender, in the event of a default, has recourse beyond the collateral pledged to initially secure it. For example, John gave Brian a $50,000 recourse loan using Brian's ...
A relatively unknown term, laches or the” doctrine of laches,” means failure to assert one’s rights or a claim in a given matter in time. Failing to take action on a ...
Fence constructed at the property line or other division point separating a subdivision or a home site. It marks the point of separation between two separate properties. ...
Modification in the amount of money involved for some justifiable reason. ...
Rezoning of land from a higher density use to a lower density use. ...
The definition of property acquisition cost in real estate is the total recorded cost of a piece of real estate after reductions in price, incentives, closing costs and any other ...
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