Definition of "Commitment"

Greg & Isila Jimenez real estate agent

Written by

Greg & Isila Jimenezelite badge icon

Keller Williams Agusta Partners

(1) An arrangement to buy real estate at a specified price and conditions. The failure to honor the commitment may result in damages. (2) Bank commitment to lend money in connection with the purchase of real estate.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Real Estate Terms

Type of mortgage, which is not based on a constant interest rate. ...

Branching is a widespread phenomenon in banking and other financial domains. A branch office defines an office or business bureau that a company opened in another location to provide ...

The continued and illegal occupancy of property after a legal period of occupancy has expired. In an estate at sufferance the tenant occupies the property at the sufferance of property ...

Geographical area for which a given governmental agency has authority and responsibility. For example, the jurisdiction of a county court is the county in which it is located. ...

Annual return rate of capital invested in a wasting asset. The capital is returned from the depreciating asset's earned income. ...

The largest financial intermediaries directly involved in the financing of real estate. Commercial banks act as lenders for a multitude of loans. While they occasionally provide financing ...

Littoral refers to a piece of land bordering a large body of water that is not moving, such as an ocean, pond, sea, or lake. Many find "littoral" obscure since it's not widespread in ...

Appraisal method of determining a buildings value under the following criteria: (1) The land value can be easily determined from comparable sales or other methods. (2) The building on the ...

Commissions received by a syndicator when real property is sold. The fees typically occur after the investors receive their initial investment plus the specified return. ...

Popular Real Estate Questions