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
Net amount of cash than an investor requires from an income-producing property, after taxes, for a period of time, usually a year. It is computed by accumulating all rental receipts for the ...
The term accusation refers to a declaration made by an individual about another individual or entity having behaved in an immoral, improper, or wrong manner. The two parts of an accusation ...
Deed that states "love and affection" as the consideration for the gifted real estate. ...
A type of equity participation loan where, in exchange for charging a below-market interest rate, the lender receives a predetermined percentage of a any increase in value of the property ...
Flat irregularly shaped stones, ranging from 1 to 4 inches thick, used for terrace or loan walkways. ...
Latin term meaning legal capacity to act on behalf of oneself. ...
There’s no mystery. The actual age of a property is the chronological age of a property. Say a house was built two decades ago. That house’s actual age is 20 years old.The ...
Involves more than one borrower being responsible for a mortgage, such as with a cooperative apartment. Involves more than one mortgagee lent on a real estate project, such as with a ...
Judicial order prohibiting a person or business from doing something. The court may issue this dictate when unlawful conduct or activity is occurring. ...
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.