What Are Prepayment Penalties?
A penalty fee charged for paying off a mortgage early, thus allowing banks to still make money off of the loan in the event that you inherit a small fortune. Most loans these days do not have prepayment penalties - and if they do, they are only applicable for the first few years of the loan.
Popular Real Estate Questions
Popular Real Estate Glossary Terms
The adjudication definition is a legal ruling or judgment used in the justice system when a case is settled or finalized. To define adjudication, we must look at the justice system and how ...
Certificate usually granted by a jurisdictions building department certifying a specified premise has satisfactorily complied with all zoning and building ordinances. This certification is ...
Fee paid only if other criteria are met. ...
As a legal term, abandonment defines a deliberate renunciation of rights to an asset or a business relationship. What does abandonment mean in real estate? In real estate, abandonment, ...
Oral or written contract that is not enforceable by the judicial system. Examples are contracts with minors, fraudulent agreements and contracts that exceed the statute of limitations. ...
Legal responsibility for something. For example, an owner of commercial property (e.g., restaurant) is legally obligated for damages on that property (e.g., restaurant patron falls and ...
A floor where the binding joists support the common joists above and the ceiling below. ...
The seller disclosure is a statement made in good faith regarding the condition of the home he/she is trying to sell. There is a seller disclosure form – called “Form 17” ...
See effective tax rate. ...
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