Definition of "Surrender"

Alexander  Fundora real estate agent

Written by

Alexander Fundoraelite badge icon

BRS Realtors

Expiration of a lease or insurance policy by mutual consent of the parties, also to give up.

 

Need help as a:

I'm interested to:

Buy
Sell
Rent

I work in:

Residential
Commercial
Rental
Reach out to the local professionals for help
 
I agree to receive FREE real estate advice.

Agents, get listed in your area. Sign up Now!

Here's what you'll get:

1. Full zipcodes coverage for the city of your choice for 3 months

2. The ability to reach a wider audience

3. No annual contract and no hidden fees

4. Live customer support/No robo calls

$75 - Any City - 3 Months Coverage
 
I agree to receive FREE real estate advice
I agree with Terms & Conditions and Section 5-5.9.

Comments for Surrender

Chris Chris said:

What is a surrender fee? I am buying a property in Florida. The title company never explained this to me.

Nov 29, 2020  19:15:05

 
Real Estate Agent

Hey, 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  11:10:51
 
 
image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Real Estate Terms

Legal time restriction for prosecuting an improper act, or civil or criminal offense. Proceedings must be brought before the expiration date of the applicable federal, state, or local ...

The definition of Hypothecation in real estate is the use of one’s belongings as collateral for a loan. This practice assures the lender that, whether the borrower is able to pay or ...

The definition of a bedroom community, or commuter town in real estate is a unique type of community that merely uses their homes to sleep, while doing everything else offsite. In a bedroom ...

Expected market value of property if sold today. ...

Managing partner of a limited partnership who is in charge of its operations. A general partner has unlimited liability. Member of a partnership who is jointly and severally liable for ...

The process of changing, updating, and altering the appearance and structural characteristics of a building. For example, John remodels the kitchen in his home by replacing the cabinets, ...

A Bill of Sale is a formal document of the sale of goods or the transfer of title for personal property and chattel from one party to another. In sum, a bill of sale is a sort of receipt. ...

(1) Estimating all income and expenses for an accounting period. (2) Financial forecasting, planning, and controlling. It involves using a budget to set and accomplish short-term objectives ...

Interior building trim surrounding windows, doors, and baseboards. Interior trim is both decorative and functional. It comes in several different styles and serves to finish the adjoining ...

Popular Real Estate Questions