Definition of "Surrender"

Jo-Ann Breau real estate agent
Jo-Ann Breau, Real Estate Agent Keller Williams Realty of Port St. Lucie

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

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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
 

 

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