Prepayment Clause

Prepayment Clause – David Reecher Clause in a mortgage that gives a mortgagor (borrower) the privilege of paying the mortgage indebtedness before it becomes due. Often, there is a penalty for pr... Read More

Premium

Premium – David Reecher Amount paid for real estate over and above the expected prevailing price. The value of a mortgage or bond in excess of its face amount. Alternatively, periodic fee paid f... Read More

Preemptive Right

Preemptive Right – David Reecher Right of a current stockholder to maintain the percentage ownership in a real estate company by purchasing new shares on a proportionate basis before they are is... Read More

Pre-Closing

Pre-Closing – David Reecher Prior to actual closing, all information is available in order to insure that all documents are properly executed by the appropriate parties. A pre-closing is used pr... Read More

Power of Sale

Power of Sale – David Reecher A provision in a mortgage agreement that grants the lender (or trustee) the right to sell the property upon certain default. The property is to be sold at auction b... Read More