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
Person or business that benefits from the work of another person or business. The recipient has not compensated the other party for this gain. In law, the one being enriched at the ...
To undertake or take on a responsibility or duty. ...
Divides a locality into districts for differing purposes. The map is continually kept current. It reveals the status of each district. ...
Requires collateral to secure the debt. An example of collateral might be one's home. ...
protective wall along a roof or below a terrace. ...
Something that is inferred, but not explicitly stated. The inference may be deducted from the relevant information. ...
Nonload bearing layer of brick covering a wall of decorative purposes only. The wall is usually constructed of wood framing or masonry block. ...
Tile placed on a wall as decoration, such as in a bathroom or kitchen. ...
The definition of involuntary alienation in real estate is the loss of property through attachment, condemnation, foreclosure, sale for taxes or other involuntary transfer of title. ...
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