Surrender
Definition of "Surrender"
Expiration of a lease or insurance policy by mutual consent of the parties, also to give up.
Popular Real Estate Terms
A lender can be a private individual, a private or public group, or an institution that loans funds to a person or business that the lendee would later repay with interest in most cases. In ...
To pass property by will to an heir. Strictly speaking, real estate cannot be bequeathed to an heir, it must be devised. However, if it becomes clear the purpose of the testator was to ...
The term lock-in clause is used in an agreement that prescribes a period of time within which either of the parties that signed a contract cannot terminate the contract. In case one of the ...
Arrangement whereby a party providing financing gets a portion of the ownership. ...
Average of income, retail revenue, and population of a locality as a percentage of the entire United States. It reflects the economic status of a particular region. ...
For real estate investors, the vacancy and credit loss is a way to determine a property’s potential for profit. This value is determined by subtracting the losses brought by vacant ...
Payment received after the due date. A penalty and/or interest may be charged on such payment. For example, a bank may charge a penalty of $25 if a mortgage payment is received after the ...
Drain facility usually underground for waste and water disposal consisting on connected pipes. ...
Regulation of the Securities and Exchange Commission (SEC) establishing the criteria to avoid a private offering. For example, John wants to sell shares in an apartment house to several ...
Comments for Surrender
What is a surrender fee? I am buying a property in Florida. The title company never explained this to me.
Nov 29, 2020 19:15:05Hey, Chris! Usually, a surrender fee is a penalty charge for canceling a contract or for early withdrawal. For example, in the case of mutual funds, if the investor sells shares within 30 and 90 days of its purchase, a short-term surrender fee may be applied. The surrender fee is designed to discourage people from early withdrawal or contract cancellation. In your case, a surrender fee may be charged if you change your mind about the home purchase and cancel the contract.
Dec 04, 2020 11:10:51Have a question or comment?
We're here to help.