Definition of "Penalty"
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
The right of a landowner to have lateral land support from adjacent properties. The right of lateral and subjacent support means that an adjacent land owner may not, for example, lower or ...
A right or interest in property held by a third party, which often limits the use and diminishes the value of the property, but usually does not prevent the transferring of title. The more ...
Method of selling and obtains possession, but the seller retains the title. ...
transfer of real property by legal means such as through inheritance. ...
Affordability is a term used to describe the ability of a person or entity to pay in relation to the income earned by them. Affordability is the comparison of a person's income against ...
Details of a contract of sale including a financial statement, legal description, type of deed, place, date and time of closing of title. ...
Kind of siding for wood frame houses where the joints in the usually vertical siding are covered by narrow strips of wood called battens. The battens are nailed over the joints. ...
Metal hardware within the construction that is typically not visible, such as bolts, nails, and screws. ...
The word ““doc”” is an abbreviation for a document. Typically, a doc defines any recorded materials, including letters, photographs, inscriptions, text, reproducible ...
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