Surrender
Definition of "Surrender"
Expiration of a lease or insurance policy by mutual consent of the parties, also to give up.
Popular Real Estate Terms
Outside wall of a structure that is exposed to the weather. An exterior wall can also be a load bearing wall ...
Provision in a contract that upon a certain occurrence or event the contract is canceled, An example is a contractual term that the written agreement is terminated if one of the party's ...
The accelerated cost recovery system is a depreciation system for tax purposes mandated by the Economic Recovery Tax Act of 1981. In 1986 the Accelerated Cost Recovery System (ACRS) was ...
A special agent in real estate is a real estate agent hired to do a specific task or job, as opposed to a general agent, who is a real estate agent who can do any task he or she is assigned ...
The company is not responsible to a third party if an account or financial instrument is dishonored by the debtor. The creditor's recourse is solely to the debtor's property. An example is ...
Expenditures incurred to initially purchase property, including incidental costs necessary to put the property into existing use and location. This cost is then depreciated over the assets ...
Funds that are retained in an account until a certain event occurs. For example, a downpayment on a contract held until full payment is received whereupon the holding funds are credited to ...
Potential homeowners buy land at a location they like and then build their house on it. ...
Property that is zoned for industrial use, including manufacturing, research and development purposes, factory office and warehouse space, and industrial parks. ...
Comments for Surrender
What is a surrender fee? I am buying a property in Florida. The title company never explained this to me.
Nov 29, 2020 19:15:05Hey, Chris! Usually, a surrender fee is a penalty charge for canceling a contract or for early withdrawal. For example, in the case of mutual funds, if the investor sells shares within 30 and 90 days of its purchase, a short-term surrender fee may be applied. The surrender fee is designed to discourage people from early withdrawal or contract cancellation. In your case, a surrender fee may be charged if you change your mind about the home purchase and cancel the contract.
Dec 04, 2020 11:10:51Have a question or comment?
We're here to help.