Construction Terminology

Construction Terms

Rate Lock In
A written agreement in which the lender guarantees the borrower a specified interest rate, provided the loan closes
within a set period of time.
Recording Fees
The fees paid to have an instrument recorded in the public record

Recording Fee
The fees paid to have an instrument recorded in the public record

Retainage
Amounts withheld from progress billings until final and satisfactory project completion
Category Construction Glossary
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