What does reserved mean in a contract?
Reserved means that part of your total budget is set aside for something in particular. It isn’t used for any other expenses except for that specific purpose. For example, if you rent a room in an apartment, the rent reserved for that room should include the cost of utilities, maintenance, and any other service that goes along with it.
What does the word reserved mean in a lease?
The term reserved refers to the portion of the rent reserved by the tenant for any possible damage that may occur during the lease term. This reserved amount isn’t subject to deductions. For example, let’s say the tenant is required to pay $500 in rent each month by the end of the year. If the tenant damages the property in any way during the year, the tenant will pay $500 to cover the costs of repair. However, the landlord isn’t responsible for
What does the word reserved mean in a contract?
The term reserved in a contract means what it sounds like – it’s reserved for a specific purpose. It’s not an absolute, reserved for one purpose or reserved for any purpose. Most contracts will say reserved for the use of the buyer, so reserved for the buyer. However, if the seller is the one reserving the right to use the funds, reserved for the seller.
What does the word reserved mean in a quote?
Reserved means the price that the provider has reserved for you on their website. For example, if you place an order for roofing repair services, the provider might tell you that there is a base price for the project, and that the price will not change unless something unexpected happens. In this instance, the reserved price would be the base price. If you need to ask about the reserved price, make sure to do so before you submit your order.
What does the word reserved mean in a mortgage?
Reserve means that the lender has a designated amount of money set aside for the potential of your loan to go into default. In other words, the lender will not loan more money than the sum reserved. Reserve is usually expressed as a percentage of the total loan amount. If your mortgage has a loan-to-value ratio of 80%, reserved means the lender will only loan 80% of the appraised value of your home. The remaining 20% will be the bank’s money.
