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
Housing whose rental payments are reduced because of aid granted by the federal, state, or local governments, private enterprises, or individuals. For example, monthly rental payments for ...
Method used by appraisers and investors to evaluate a level of payment income stream for a fixed period of years predicated on a specific interest rate. ...
Document issued by a governmental agency permitting the recipient to do something. An example is a building permit to construct a structure. ...
Timeshare homes is the popular name given to the concept of fractional ownership in real estate, and, in fact, is a better term to explain its meaning.Why?Well, fractional ownership means ...
Bankruptcy declared by any insolvent person or business. In contrast to involuntary bankruptcy, which is applied for by the creditors. ...
The ability to pay is a self-explanatory term used in Real Estate to determine if the Home Buyer has the financial health to honor a deal. Mortgage Lenders can't afford to lend out money ...
That part of a roof which projects beyond the sides of the building. The eaves keep rain overflow of the sides of a building structure and seal the roof rafters. ...
Percentage of rentals estimated not to be made because of actual and anticipated vacancies. ...
In everyday discourse, the term specifications describe various properties and features. They can be attributed to products, services, objects, and industries, such as real estate. What do ...
Have a question or comment?
We're here to help.