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
Way to determine the capitalization rate of income property for valuation purposes by weighting the rate of interest and source of financing in percentage terms. ...
Latin term meaning something in exchange for something else. For example, a person rushes through an order for another in return for having first choice in selecting a parcel of ...
(1) Supporting the joists of a floor with small pieces of wood. (2) Providing temporary financing such as a short-term loan, to a real estate developer before long-term financing can be ...
Appraisal method that examines current and future economic conditions in a particular location to help in deriving property values ...
See Board of Equalization. ...
Insects that destroy the support wood in the structure of a building. Termite inspection should be periodically performed to detect their existence. If an infestation is confirmed, the ...
Relationship between individuals or entities whereby rights given to one are returned in kind to the other. An example is where one person has the right to use facilities of another with ...
3D Printed Homes are basically homes that were printed via 3D Printers. Though semantically the phrase is pretty obvious and straightforward, there’s a lot we need to contextualize ...
State laws limiting the interest rate that can be charged to individuals borrowing money in that state. These laws affect all lenders in a state regardless of what federal or state agency ...
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