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 – 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 – 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 – 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 – 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
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