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
Evaluating a locality to determine its value and appropriateness for designated objectives. ...
Income for investors arising from net long-term profits of a real estate mutual fund realized when the portfolio is sold at a gain. Fund managers pass on profits from sales of real estate ...
(1) Any asset purchased for use in production over long periods of time rather than for resale. It includes land, buildings, plant, and timber reserves. (2) In taxation, property held by a ...
Recording an expenditure having a benefit of more than one year to the cost of the property. ...
Legally proper instrument under seal that transfers title to real property from the seller to buyer. ...
A floor where the binding joists support the common joists above and the ceiling below. ...
Bond whose interest is free of federal, state, or local tax in the state of the issuer. It is typically a municipal bond of estate or county agency. For example, a New York City resident ...
A court order on an issue directly related to the immediate action. ...
An upper limit on the interest rate that can be charged in a variable rate mortgage over its life. For example, a variable rate loan is initially offered at 7% loan rate, and its interest ...
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.