Amount to be paid by a person or business for violating a statute or legal court order. It may also be assessed for violating the provisions of a contract. Examples of penalties are a charge made by the Internal Revenue Service for underpaying corporate income taxes, penalty assessed by a municipality for failing to pay property taxes, penalty due to prepaying a mortgage, amount arising from breaking a real estate contract, and fee due from prematurely terminating a lease.
Popular Real Estate Terms
A rental contact in which the tenant's rental is tied to a change in the price level, such as the Gross National Price Deflator. ...
A mortgage provides the right to the bank to have a lien on the financed property with the borrower having title to the property. ...
A Construction method of using twice the number of framing members to provide additional structural strength. ...
Index of the costs to construct residential properties. ...
Space that is available to all tenants or owners, such as a courtyard, main entrance, elevator, and pool. ...
Type of material or substance typically made for railings around the outdoor front patio and for both sides of the stairs in the front and rear of house. Other examples are chairs and ...
Goods that are freely substitutable. It is goods of a given class or type, any unit of which is as acceptable as another, and capable of satisfying an obligation expressed in terms of the ...
Permission to do something that differs from the basic zoning requirement. An example is a homeowner receiving special authorization to build a two-family house in a single family zoned ...
Small, early twentieth century, one-story house or cottage. ...
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