Arrears mean any sum which is owed to someone and should have been given earlier on the due date.
Arrears are payments or receivables that were due on a previous date. They are obligations which should have been settled earlier, and should be settled at the earliest. They also mean duties which are incomplete or unfinished. They also indicate debts which are long overdue or unpaid.
Arrears are relevant throughout the real estate sector. Tenants have to pay arrears swiftly in case they fail to make their rental payments on the due date. Arrears are sometimes paid by home buyers to developers/sellers, in case they miss property payments on specific dates, or over many months. For example, a tenant may not have paid his/her rental amounts for a period of six months. He/she will then have to pay the arrears to the landlord with any fines/added charges, if applicable. In the same way, home owners may have left property taxes unpaid for some time. In this case, they will have to pay the arrears to their respective municipal corporations or local authorities. The same applies for water, electricity, and other utility connections for homes as well.
