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
When a debtor defaults on a loan for which a deed of trust is given, the trustee is required to have a sale of the real estate security for the benefit of the lender. A deed of trust is ...
Table demonstrating the relationship between the depth of a building lot form the street frontage and its market value. Street frontage is the greatest asset of a land parcel. The ...
Latin for at first sight. Facts assumed to be true unless subsequent evidence disproves it. ...
unfinished access space below the first floor having less height than a full story. An individual must crawl through the crawl hole to gain access. Any interior passage of limited ...
Same as term government rectangular survey: Way in which the U.S. government uses to subdivide public land. Land is designated as either a base line (East-West) or principal meridian line ...
Holding pool of mortgages. It is marketed as a tax exempt mortgage backed security for investors. ...
Individuals, homeowners, and businesses often engage in disputes and conflicts that require fast resolution. However, everybody seeks to avoid legal proceedings. One amicable way to address ...
A clearly stated notice that an owner or operator will not assume responsibility for an inherent risk. For example, at a parking garage, a large notice of nonresponsability clearly states ...
Adobe construction is one of the oldest types of construction that has been used in the Americas, ancient Egypt, and the Middle East to build long-lasting structures that can be seen even ...
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