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
Significant elevation of land. Narrow upward strip. Connection of edges between different sloping surfaces. ...
Ownership in property by two or more persons at the same time. ...
receiving something such as a cash payment. Written statement that something has been received such as cash, real property, or documents. The purchaser should always get a receipt. An ...
Mortgage for residential property. ...
Allocating common or central costs to each unit of property. An example is assigning to each owner of an apartment based on the number of rooms occupied the cost incurred by the landlord to ...
You may have heard the term codicil in a conversation but might have yet to understand it entirely. What’s the codicil definition? “Codicil meaning” refers to a supplement ...
A fiduciary intermingling a clients funds or one who is entrusted with funds and groups them with those of his own. This practice is considered a breach of a fiduciary relationship and a ...
Local governmental ordinance breaking down the country into districts that are restricted on how private property is to be constructed and used. It applies to the land and buildings. The ...
Helps in supporting a building. ...
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