Liquidated Damages
An amount of money provided for in a contract as compensation if the contract is not fulfilled. An example is an offer to buy real property that includes a provision that once the seller accepts the offer, if the buyer does not complete the purchase, the seller may keep the buyer's deposit as damages.
Popular Real Estate Terms
Highest amount a property is worth equal to the amount that would have to be paid to buy equivalent property in the market place. ...
Maximum interest rates a borrower might pay for an adjustable rate mortgage. It controls the amount of change in the rate when it adjusts. The first number is the maximum increase allowed ...
An affiliate of the National Association of Real Estate Boards, engaged in educational programs and publications for its members. Its publications include Real Estate Perspectives and Real ...
Prepayment to a landlord for refurbishing the unit beyond what would be anticipated from customary wear and tear. It is like a damage deposit. The security deposit may be refunded at the ...
Fee a borrower is assessed for the right to make a loan payment before the due date. An example is the prepayment charge for paying-off a mortgage early. ...
Partially amortized and requiring a lump sum (balloon) payment at maturity. ...
The amount of rent a property could command in the open market. See also market rent. ...
Right to enter and start construction or furnishing property that is in the process of being purchased. ...
The definition of cooperative housing is well known by real estate agents because they are often involved in the selling process, in most cases. Cooperative housing is a form of ...
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