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
Illegally keeping or holding on to someone else's property. An example is a tenant staying in the apartment after the lease has expired. A court order may be sought to evict the tenant. ...
Market where mortgage loans can be sold to investors. The availability of funds for financing real estate is affected by economic conditions, both local and national. The result is that at ...
Road or highway acting as a frontage boundary. ...
A mortgage where the payments are overdue and open to a foreclosure action at any time. A mortgage not having a prepayment clause permitting the mortgagor to repay the mortgage at any ...
Metropolitan locality such as a city. It is heavily populated with many residents and businesses. An example is New York City. ...
An individual's bringing a legal action against a defendant. The plaintiff wants relief from the judge against a defendant. An example is investors in a real estate investment trust (REIT) ...
Multistory, nineteenth-century house featuring turrets, high chimney, and decorative trim. ...
An estate constrained from some heirs and dedicated to others on the basis of a certain condition. ...
(1) foreclosed real estate or subject property in a bankrupt estate. (2) Income property which is making inadequate returns and has a negative capitalization rate. ...
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